I like the look of it (for the most part) and I like the idea of installing games.

There is just one thing I hate.  Avatars, it really is a Mii ripoff.  I rather stick to my Gears of War 2 gamer picture I got for beating insane then have some cartoony avatar.  It just seems like a stupid attempt for Microsoft to appeal to casuals and ripping off the Wii of course =P. 

Otherwise I like how the menus look now and how themes look on it.  I also like how it has 8-player party/chat.  The other feature I wouldn't say I like but I don't hate either.  Is Netflix.  I'm the type of person who will always say Games > Movies.  I think out of all the movies I own I have 1 blu-ray (Casino Royale) and 5 DVD movies.  Not really a movie person so I think its a pointless feature and I would never pay a monthly fee just to watch movies.  I think its good for people who have it but I don't really see the point.

So basically.

Good:  Menu Design, 8-player chat, installing games

Bad: Avatars


Neutral: Netflix