Pros
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Fun handling - especially for the more traditional user; build quality; cracking lens; lovely image tonality; useful set of film modes
Cons
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Price; still limited system at the moment; live view has limitations to its usefulness; small number of AF points
Verdict

As it offers a significantly different feature set from most other DSLRs, the L1 is worth considering particularly if you are new to automated cameras, maybe coming from older analogue models, or if you’re enough of a traditionalist to miss the operation of those cameras.
Certainly I enjoyed going back to the days of shutter dials and aperture rings, and I think as a I result I took more care in my photography, which isn’t a bad thing. I also had fun with it, and if photography is your hobby, then fun should play a big part. The camera isn’t going to suit all subjects, but for most enthusiast purposes, it will.
Of course, image quality is the most important consideration and the results from the L1 are very pleasant with a great tonality. Shame about the price, though.