For me, it's halfway there. The site's technology is Gamespot done right, and works far better than any other forum I have tried on the internet. I can do so many things here that would be unthinkable in other sites, like posting videos or having reviews with all the same tools that the staff uses. The only thing missing is the unions. ;)
 
But the half that is not there yet is the community. It's not as vibrant as it was when the site launched, and kinda shallow, and even Giantbomb's own staff members seem less lively, doing less fun stuff and doing more generic blog-like videogame journalism like other sites, which they promised that they would avoid. 
 
But they still have gems like these: