I'm totally confident in their ability to pull off the ARM transition, but I think the fit-and-finish will be way better in the second- and third-gen products.
For another example, many people had first-gen Macbooks that would "moo" as the fan cycled on and off across a single-degree thermal boundary: https://www.youtube.com/watch?v=vEPzlIkBnGs
It was fixed in an update to the System Management Controller to change the fan behavior / thresholds: http://www.betalogue.com/2006/08/18/macbook-smc-firmware-upd...
edit: Almost forgot the build-quality issues with the first-gen Macbook Pros where the official service manual advised you to use one entire tube of thermal compound each for the CPU and GPU which obviously lead to overheating: https://forums.somethingawful.com/showthread.php?s=&threadid... (images all missing)