Really the phone is just like any other on the market.
There are things it does extremely well. There are things that are lacking. There is software that works perfectly, there is software that is buggy.
Keep in mind the phrase "jack of all trades, master of none" - that applies to smart phones more than anything else. Yeah, it shoots HD video and takes pictures and does fairly well. Compared to a dedicated HD camera and digital cameras however, it's lacking. Yeah, it tracks your position via GPS and does a great job. Out in the sticks under canopy while geocaching however, a dedicated GPS unit with high sensitivity receiver is far more accurate, not to mention you can drop those in a lake and not worry about them. The trade off is those receivers can't log your finds via c:geo.
Is the phone perfect? No, of course not. Is it a POS? No, not even close. I haven't rooted, the only real issue I have with the phone was exchange, which should be fixed with 2.2, and was fixed for me by Moto giving me a free touchdown license. Everything else is simple annoyances you find with any other phone. I'll easily stick with this phone past my eligible upgrade dates, if not far beyond.