Got it setup tonight and gave it a spin.. the guitar is fun, just as it was with Guitar Hero ones (though I like the look of the guitar more).
But wow the drums are awesome I think. Far more realistic. I'm having problems seeing the kick though, I keep playing it when I hear it rather than when it shows it, and then forgetting to play it when I'm trying to do a complicated fill. I was doing ok on medium but I switched to easy to just play through all the songs and get to know them and get used to it.
But I find the drums a lot of fun, I'm going to have to get a stool to sit on rather than my couch
Haven't tried vocals yet.