First thoughts - it looks nice, classic almost like a VCR. It's big, which isn't something I worry about. If I lived in an apartment, it may be a different story. It is quite big. Boots up as fast as they say, around 13 seconds. The controller feels a little different but fits in my hands better. It feels cheap though, almost like it's hollow. Operates nicely.
Smartglass is awesome, well thought out, and works. The kinect tracking seems to work very nicely, after I accidentally linked my profile to one of my cats I eventually figured out how to change it to me. It's very familiar feeling.
I haven't played any games on it yet. I set up a huge cue of downloading and installing, and I thought they would install in that order... but they don't. If you add something to the cue, it focuses on that new task instead. So I went out to buy pizza, beer, and a second controller, and when I got home my xbox was working on Kinect Sports Rivals instead of installing ghosts. Ghosts just got to 50% installed, which means it is ready to play. I will discuss more when I am not gaming. Installing a new game is a mandatory thing which is a minor gripe... but not really a big deal.