I and two co workers have it. We freakin' love it. It has a lot of neat mini games and tons of good tunes to jam along to. It's also nice to just have the tone dialed in by the game. Sometimes it's fun to sound just like the pros! ;-) I'd say it's a great component IF you have the right setup.
Through my TV the delay was unusable. Just utter shit. Worthless. Though my speakers it was fine. So you need to sort or evaluate your equipment first. I have a fairly cheap 47". It has a nice picture but I never really use the sound on it at all.