I had to meet some friends in soho, which normally takes about 25 minutes by subway or 10 minutes by cab - I casually biked there in 12 minutes. It was great being able to leave my bike a block from where I was meeting my friends without worrying about locking it, and it was great that I could pick up another bike several blocks away to go home.
The bikes themselves are clunky and built like tanks, which seems right because the bikes will be used a lot and are always outside. The bikes ride slowly, which again seems right for a commuting bike in a crowded urban setting.
The bike stations are still having some issues that I hope will be ironed out shortly. Every time I tried to take out a bike the station would abort with a flashing red light the first three or four times, which was annoying. The station map was down all of yesterday, so I had to search around a bit for stations. That said the stations are nearly ubiquitous in downtown manhattan so it really wasn't a big issue.
Overall I'm really happy with the program and plan on using it a lot.