I gave this a try and it seems really good - and in some ways it is way better than the XMB.
The real problems I have with it is the speed (it's way too slow) and the fact that you have to configure it too often.
I really like the icons (KDE inspired if I'm not mistaken) and options that are/are going to be in it.
If someone could make KDE icons for the .rco that would be totally awesome.