Fucking Stunning.
I grabbed a PS3 version this morning alongside Patel. Have to say it took me almost 40 minutes to get the lag calibrated to a level that's 'playable', mostly because it's got a confusing two-part calibration now (A/V lag + controller lag). Once I got it set up decently, I grabbed the guitar and dove right in.
I totally agree with Patel - this is the game I've been waiting for since GHI. The note charts are fun, the song selection is brilliant, they are well placed in the song list (every city has been two or three out of five songs that I was dying to play)... it's all gravy, baby.
When I got to "Say It Ain't So" by Weezer and the crowd started singing along with the song was one of those moments I'm going to remember for a long, long time. I had a giant shit-eating grin plastered all over my face. Great stuff.
The degree to which this smokes GHIII and even GHII is frankly embarrassing (for Activision/NS). Amazing!!
Oh, and if anyone's interested, the PS3 version looks and plays great, bit framey but no worse than the movies they have up on their site (which I assume are from the 360 version since their former programmer said it 'looked better' surely they'd use it for the promo vids). Wireless guitar is great, guitar build quality is substantially better than the GHI/II PS2 guitars or the 360 X-plorer.