I really like mine, the Space Gray is great and I love the silver trim around the edges of the device.
The camera sticking out doesn't affect it's ability to be stable while laying flat. I usually use a foldable stand with my tablets so it's a non issue for me. The flash is great and it takes great pictures, I won't use that feature often but it's nice to have when my phone isn't nearby.
The display is great and vibrant, I like what TrueTone does and I can see myself using it a lot. The speaker system is good, it's not the same system as found in the iPad Pro 12.9" with the deep resonating chambers. It's essentially the same speakers in the Air 2, just four of them. They sound nice, there is a little vibration but it's not a big deal and nowhere as bad as the Air 2.
It's wicked fast, haven't had any slowdown issues and it is very much the same experience I had on my 12.9" iPad Pro. I greatly prefer this over the larger iPad because it's easier for me to use and much more convenient.
I started with the original iPad and then switched to an Android tablet for a while. I got sick of that so I sold it and went without a tablet until the iPad Air was released. I used the Air a crap ton and I loved it. I sold that in anticipation of the Pro 12.9" thinking bigger was better. I got rid of the 12.9" since I didn't really use it as much as I should and I'm glad I got this smaller one as a replacement.
Overall initial impressions are great and I'm sure I will use this as much as I used my iPad Air, if not more.