I just bought a NEX-5 with the 16mm and 18-55mm lenses.
I took months deciding between this and the panasonic G1 and the Canon G12.
For a long time I was going to get the panasonic but then a Sony user persuaded me to buy the Sony.
For me, getting used to the menu system is only like being used to a Canon SLR and then picking up a Nikon... some things are annoying, but you get used to them!
As someone mentioned before, changing the ISO is a bit of a menu navigation... 7 clicks not 20something as exaggerated before!
If you want to shoot in manual, the dial is quite intuitive to use just like on an SLR but it easy to inadvertently press the dial while trying to spin it which can be annoying.
There are some really neat things on this camera... the continuous shoot panorama mode is cool and the low light mode that takes several shots is good for scenes with no motion and also works pretty well. This is the first time I've used auto modes and I view them this way... if you had a completely manual camera that could save settings then the SCN options would probably be some of the settings you might save... you could argue that every shot is different so needs to be set everytime, but some of the auto SCN settings take nice photos IMO.
There is a manual focus mode where the camera zooms in to the frame to help you focus... this is great if it zooms in to what you want to focus on, but if it doesn't then you have to scroll the view to where you want to focus all whilst holding the shutter button halfway which is fiddly.
I guess this camera is not going to be perfect for everyone, but I didn't want the full on bulk of a DSLR, I did want some gadgety features and a cool looking camera. I think i would have been happy with either the Sony or panasonic and I'm trying not to look back and am enjoying playing with the Sony!