I like it. It looks clean, it takes away the fuss of moving between mountains of menus. I have questions, but nothing too pressing. I wouldn't use the social features, but people who do will probably use them a lot.
My main complaint if I had one will be that this has obviously been made so developers can push post-launch content and events in as obvious a way as possible. Hey, like Rocket League? Good news, you get Rocket League ads all over your dash EVERY SINGLE TIME YOU LOG ON.
I've exaggerated for effect, but I think that'll be one thing I'll be wary of.
Other than that, really happy with how it looks. They've gone for something different and I think it was probably a success.
In terms of comparison with Xbox, I think we'll need to see how the two actually feel. Also it'll depend on how much you'll actually use those social features.
PlayStation looks like it could be smoother, but I'm not convinced it'll be easier once you have more than three games installed, and we'll have to see how the store works on PS5 beyond those five or six tiles too.
Overall though, I'm really happy with what we've got here. Looking forward to getting stuck in next month.