Although I've been playing guitar for 15 years, this is my first multi-track.
Good points: The quality of the recorded audio is very good, and the drum and bass sounds are fairly realistic in the context of a full mix. The guitar effects are also really good and give me better results than miking up my Fender valve amp on most occasions. Bouncing is a breeze and it was really easy to get up and going.
Bad points: The editing, especially of drum tracks, is long winded and with no visual representation of bars/song structure, a pen and paper comes in handy! Limited inputs (2) make life a bit awkward and a lot of repatching is necessary if you don't have an external mixer like me.
Overall, highly recommeded for the quality and ease of use/getting started. And excellent value. Just a note of caution, I bought mine on intitial UK release - less than 2 months down the line and you get a 20gig drive rather than the 15gig in my machine for a nominal increase in cost. If purchasing, check which model as both are identical on the outside except for the small "V2" logo.