It's not perfect by no means but at least MS has gotten the hardware part of the console down pat. The Kinect works really well, it's almost silent, and from people who broke it down, will probably not overheat.
Unlike the 360, which I always felt was going to blow up, the XBOX One feels solid. I don't notice when using it.
Everything else is software based and can be patched or improved through software updates.
I wouldn't mind seeing MS bring back local accounts instead of making people sign up to XBOX Live. While the console does have guest accounts, you don't get that cool sign-in feature when somebody walks into a room. But I do understand why they make people use their XBOX Live accounts, it's awesome that you can sign into a friends console and then start earning achievements if you are playing with a friend. And having the ability for your start up screen on somebody else console is good as well.
But I still like to have local accounts so a friend who does not have Live or an Xbox can sign as well.
As for the the CLOUD!!!!, driveatars in Forza are pretty cool and fun to drive against. I was taking a corner on one of the tracks and the driveatar behind me passed me on the short side by taking a fair bit of the corner. You would never see that in previous car games. Also, having two drivaters crash and then muddle up everybody is freaking sweet.