Not bad if you like the series, and don't want to mod+import.
Hardware: the controller is plastic with a decent weight to it, so it won't flop around, and just the right size for this adult guy's lap. The keys feel just like the arcade machines, although the turntable isn't as loose. (That might just be from more players at the arcade, though.) A wonderful feature is that the keys can be rotated, so the turntable is on whatever side you prefer. A button on the bottom releases the keys, so they won't pop out during play.
Visuals: although the game can handle widescreen, it doesn't look like it was meant for HDTVs. Aside from that, the menus are simple and logical, with a techno kind of feel. The icons during a song are slightly small, but get the job done. Visuals on the right side of the screen are hit-or-miss, with some rather weird ones to distract you.
(Personally, I would get a kick out of a club scene, with animated ravers' body language to show how you're doing, like Karaoke Revolution.)
Gameplay: much like similar initial-entry rhythm games (Guitar Hero 1, DDR 1), there are only basic modes to choose from. Arcade, free play, Expert, practice, and obligatory options menus are the most noteworthy. If you're expecting a similar experience to the arcades, you won't be disappointed.
Songs: the meat & potatoes of any rhythm game. Yes, the tracklist in this version is smaller than Japanese and arcade machines. Still, there's around 50 tracks, enough to have fun with. Where Konami stumbles is trying to have something for everyone, much like DDR. DJing has connotations of hip-hop and raves, not "Funkytown".
Conclusion: if you already know that you want a Beatmania game that is entirely in English, the set is worth $50 or so. For someone new to the series, try it out in an arcade first.