I've had Vista on my laptop for about a year, no real hassles. Updated to SP1 fairly sharpish after its release, updated fine, no subsequent hassles.
If its part of a small office network environment of whatever size, I'd hold off for a while until more is known about Windows7. If its a medium to large network environment, dont touch, it stay XP, upgrade costs are too high in view of the relative imminence of Windows7.
If its a home setup, go for it - you might get some driver hassles for peripherals, but the noise on that has largely died down, as it usually does, as OEMs get their drivers redone and sent out. If you are the seriously paranoid type, better test for compatibility on peripherals, otherwise just go for it with a home setup.
The vast majority of the noise on Vista is related to implications for Company Networks or Drivers. The former cant be compared to Home setups - different issues, different things driving the deductions that are far outside what Home users need to think about - to try and draw an experience from one environment and yelling about iit in the other, is insane, its like comparing chalk and cheese. The Driver issues always happens on major OS Version upgrades - and frankly there's squat MS can do about it in any meaningful way at a Macro Level, other than give the usual 2-3 year warning of need to OEMs - which they did.
As with Win3, Win Workgroups, Win 95, Win 98, Win ME, Win 2000, Win XP - by this time next year, the glib comment will be "dont know what the fuss was about, its fine"

It always happens at Version change time - what goes around comes around ..... life goes on frankly.
Regards
Zy