hi,
i have to agree with h4sh. At least in most of the points. I think that most of the people bought modo to speed up the modeling process and because they are not happy with the modeling in their main app. And im am also quite sure that only a veeeery small percent of the people bought modo to replace their whole packet. For me it is sure to stay with Maya in terms of Animation and effects.
Rendering… well… i depends. G We are all sooo curious about “nexus” (call it like that because we don´t know the real name. G) and what we have seen is really great. So… MAYBE (for me, it depends on the price too) some will switch completely with rendering also.
But still. The main point of modo is (i am just expecting. it is just mho), to work with the “big” packets like Maya, XSI, Lightwave and not against them. and that is what people waited for.
I am beginner in 3D. But what i have seen so far from modo is, that it works quite well for most of the stuff. Some improvements in points that are already mentiond here in the forum and i will never touch a modeling tool in maya again. 
The “bugs” that are in modo now, are not THAT bad. But also small things can stop the process completely. Like for me with the Symmetry bug. It is nothing really serious. But i just don´t feel comfortable modeling like that.
Anyway, i hope at a bugfix release soon and let´s see how fast we will get a 1.x update with feature improvements.
Till that happens, i will just “play” with modo. 
greetings
Martin