Yep, I've had one since before launch, and it's been fine. I can't say the launch titles were great, but there are plenty of good games for it now, even for "lite" gamers - XBox Live Arcade is a lite-gamer's paradise, especially with stuff like Geometry Wars right now, and Lumines Live coming eventually.
Plus, games like Fight Night Round 3, Oblivion, DoA4, etc. are quite good. I'm quite addicted to Fight Night, not having been hooked on a boxing game since Mike Tyson's Punch Out. The system can be a real time sink, if you're not careful
Also, as an added bonus, it's fully sync'd up to my playlists on iTunes via a wireless connection (unmodded), which is slick, imo.