I found the installation to be a breeze, which isn't too much of a surprise. It found the various JVMs on my machine, including 1.5, which was good, I suppose.
It looks absolutely smashing. (That's good.) The development pane is easy to understand at first glance, also good (although note that I'm not a rank newbie to Netbeans, so my prior experience may factor in here.) It's pretty fast, too, which is good to see. Maybe this will help shut up the SWT hordes.
Lately, I've been working on making the switch to Netbeans 4.X (I'm using both 4.0 and 4.1-beta). My expectations were pretty low due to my past experience with Netbeans 3.X, but Netbeans 4.X is great. It's a whole new IDE, the Ant integration is awesome, and 4.1 adds the refactoring I need to make the switch. Plus, it's fast. I have to agree with Charles Ditzel, the tables have turned and now both Netbeans (and IDEA) seem to be faster and more responsive than Eclipse.
Unfortunately, my Eclipse addiction is still not entirely under control. The one area that needs work in both IDEA and Netbeans is the source-code control integration, I still have to fire up Eclipse when I need to synchronize with the CVS repository. I feel like I'm flying blind without Team Synchronization view.