I've been playing it since the 1.05 (?) patch - wasn't fussed about the character creator as its not really my thing, and I've deliberately avoided the additional task quests based on the advice on here - and its pretty good?
Visually its excellent, the quest design is sound, the Mako replacement is surprisingly not awful, most of the launch day issues have been tidied up and the gameplay is tight. My main issue, comparing it to the previous ME games, its the bland writing. The story is rote throughout, the characters are mostly uninspiring and forgettable, and its just missing that general charm and mystery you got with the other games. Also it doesn't appear to have any of the awesome music from the original trilogy.
Basically what I'm saying is this price is more its level, but be aware of its limitations before making the jump - it won't be for everyone.