I've had the V for a week now, and coming from a dumb phone, I'm generally enjoying it a lot. The monthly price and features are great. I've had a few of the issues mentioned by most VM users, namely 3G dropping occasionally with no real indication other than stuff not working, but a quick switch in and out of airplane mode generally fixes that.
My one major disappointment so far is the battery life. I'm not expecting to get the same life out of it as my old phone (which could go for 5 or 6 days easy), but I think it's not unreasonable to be able to go 24 hours or so without charging. Unfortunately my battery seems to end up in the 10% range after 16 hours of extremely light use, with all the features (wifi, gps) turned off.
I'm probably going to end up exchanging this one to see if maybe I've just got a bad battery, but not sure if it's going to make a difference.