Extremely expensive, enormous amount of advertising, content is only available on a time schedule, DVR is slow and still has the ads you have to fast forward through (if it works at all).
I don't understand why anybody would pay for it (with the notable exception of sports).
My fear is that it'll shift into a service like Hulu where they ditch the time schedule, but you're still paying for tons of advertising. I hope the Netflix and HBO model win (or even Apple and Amazon). Better content, no advertising, better price. I hope the others fail and take all of their shitty content down with them.