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I'm pretty happy with mine, it's mostly smooth and Kinect works most of the time though I'm not sure if Kinect is worth the added price. I've been enjoying Dead Rising 3 and Forza 5 quite a bit and the upcoming games look pretty good, it seems MS is pushing better 1st party support more than ever.

The controller is great though probably one of my favourite controllers ever made which is a definite plus and I do think the console does have a lot of potential.

My only real issues is the UI is a bit clunky sometimes and it takes a lot time to install games (I do think those issues will be resolved as time goes on hopefully) and a lack of backwards compatibility with the 360. Overall I would say to wait maybe like another year and see what MS does to the Xbox One and if the price drops, launches can be misleading sometimes, if you're still interested then go for it!