I picked this up for PS3 yesterday after seeing the Quick Look sometime ago. I've mainly been playing piano for the last year or so, so this was a good reason to jump back to guitar. My fingers are hurting though... I feel like a complete noob again.
Pros: seems very accurate, very nice presentation, lots of fun. I was a bit confused by their notation system, but once I flipped the strings up-side down (as they are in tabs) it made a lot more sense.
Cons: latency... I should have read up on this before. I spent the entire evening hauling
receivers, headphone amps and various converter plugs around and I made a big mess of our nice living room. It turns out I can solve it easily using a $1 converter plug (red/white RCA's to headphone jack) and everything will be ready to rock. It only arrives Tuesday, however.
Can't wait to explore it further!