I got mine the 22nd and have been playing it about 6-8 hours a day since then. No problems yet with mine. I've got it sitting on a speaker shelf with a lot of space around it and the power supply is up off the floor on a shelf as well, and the console itself hasn't even gotten that hot. The air coming out will cook a meal though.
I really like the interface and the wireless controllers. I like the feel of the controller a lot better than the Xbox regular and S controllers. Being able to turn on the system with the controller is kind of nice as well.
Graphically, everything looks great on my HD LCD. No matter what you've read, it is a huge step up from the PS2 and Xbox.
Games I got: CoD2, PDZ, Kameo, Madden, NHL2K6, Tiger Woods 06, Condemned, PGR3, and FIFA06.
Madden is easily the most disappointing game out of the bunch. While it looks pretty nice, the gameplay and overall feel is lacking what the Madden games usually have. It feels unpolished and like something big is missing. My brother and I play sports games together all the time and we were both seriously disappointed in this one.
PGR3 looks amazing and plays great. I suck at it though. Online via Live is nice too. You can watch other people's races live also.
CoD2, PDZ and Condemned are the best of the bunch so far for me. Condemned will scare the hell out of you playing at night with 5.1 surround on. PDZ and CoD2 are both FPS games but couldn't be more different in style, gameplay, and controls. I can't decide which I like better yet.
SmashTV just went up on Live as well.

Gauntlet and Joust were available at launch.
All in all, so far I am happy I got one and it's working.