Coming from a BlackBerry, I have to ask why all the fuss over rooting and using various ROMs. Regardless which phone you use, you end up stuck with bloatware courtesy of your provider and you end up stuck with the system release that is blessed by your carrier. If you want to change that, you learn how to modify it, but you don't need to do so just to make your phone functional.
I have the Vibrant (T-Mobile version of Samsung Galaxy S) and I think it works exactly as advertised. I love the physical phone itself, the screen is fabulous, and the only issues I could complain about are the battery life and the GPS. My battery life has improved and I bought a couple extras so its no big deal. While I wish the GPS was better, it isn't what I purchased the phone for so I can't really complain. I already have a GPS and I'm hopeful it will get resolved before long.
To those who think the phone is not acceptable or "a piece of shit" I would have to ask why did you buy it in the first place and if you weren't happy with it once you bought it, why didn't you return it?
I'm very happy with my Vibrant. And I would encourage you to play with it and decide whether or not you are happy with it. If you are, who cares what someone else thinks of its value? And if not, return it while it you can.