Video playback quality is fantastic and is very kind on the battery life, with a 45 minute TV episode only taking up about 10% of the battery, which is fantastic for those longer bus/train journeys! With regards to battery life, I've found that my Xoom can stay alive for about 8-15 hours per day, depending what I'm doing!
The only downfall I can actually think to mention is that without a case, it's trerribly awkward to actually do much that requires more than one hand (such as typing!) so I highly recommend buying one as soon as you buy this to get the full experience. It also has a few bugs, mainly with the Browser software that comes preinstalled, but this can easily be avoided with others supplied within the Android Market.
After having this tablet for 6 months, I haven't been able to put it down and leave it alone once. When this first appeared in stores, there weren't very many tablet quality apps available in the Android Market but more recently I've noticed a lot more. Moving from one app to another and closing them down is a lot easier now that Ice Cream Sandwich has been introduced to the tablet (via an update download) as is everything else. The addition of Netflix on the device is also a welcome one, giving fantastic quality video on a perfectly sized crisp screen.