I have been happy with it for the most part, but lately pretty annoyed with it.
The library is excellent and I have a huge backlog.
XBL fee irritates the hell out of me, especially since they're not offering exclusives or pushing development beyond Kinect. $50/year for ads and yearly Halo/Gears rehash. They will have to do better than that to keep me.
I will not buy any console "first day" until I evaluate what it offers.