I'm enjoying it a lot, though I will pitch another vote into the 'not really liking the hunger system so much' hat.
Well, that's not strictly true, i actually like it better than the old instant health restore system, but it's still a nuisance.
My wife and I found our first Endless Abyssal Cleft In The Earth last night. By 'accident'. Near as we can figure, the easiest way out is dirt ladder, but we haven't come close to exploring the whole place yet. We've named it Moria and have advertised on Cragslist for a Balrog.
Endermen are ridiculously creepy, but less so when you realize they don't really attack you unless you hit them (or apparently if you are holding Ender pearls).
I love the new smoothstone bricks, the giant mushrooms, the higher spawn rates on clay, the giant mushrooms, the vines, the giant mushrooms, the new lighting and the giant fucking mushrooms.
We've discovered that a stack of redshrooms and a stack of bonemeal equals effectively infinite emergency shelter. Knock out the stem and stuff dirt in the crack at the bottom and you have a perfect 3x3x3 room. (I'm currently trying to recreate Smurf Village in Moria.)
Haven;t located a village or a stronghold yet, still searching.
I'm very pleased with the update, on the whole. I get frustrated at the high incidence of low memory crashes because Java flat out sucks, but apart from this, really satisfied.