It's awesome. I do have a slight "been there done that" feel, but there are so many new things, and so far, the story has been great. Lots of *little* twists to make you question whether or not you've got the story right.
First the bad: I feel the movements/camera view is kind of awkward (I only played KotOR I on PC), the load times are inferior to the PC (not surprisingly), and the frame rate drops fairly often, but not to an extent to be more than a nuisance at worst. My biggest complaint right now is there were times when I felt like I didn't know what I was supposed to be doing; I just ran from place to place and stumbled over (as mentioned elsewhere, it's fairly linear at the beginning) what to do next. You can't switch back and forth among upgrading and breaking down/creating items without leaving the workbench; pretty silly. (Maybe I'm missing something...)
The good: Oh, where to begin.
TONS of new stuff; I'm overwhelmed by the Workbench/lab.
Voice acting is good so far.
Good dialogue with more choices than in KotOR I.
My first 6-hour binge was just enough to get me off of the Peragus Mining COlony.
The story is GREAT so far.
The characters are great; they definitely have that "Star Wars" aura about them.
Already found some unique (I think) items.
Oh, this was AWESOME too: "customized" things. I don't want to go into detail, but I've already recovered one item
named [My Character's Name]'s [item here].
Must....go.....to.....bed. Must not....call in sick.....to work....in order ....to play TSL...ALL DAY.....