Recieved a new 40d a few days ago and though ive only shot a few hundred frames so far just wanted to share my experience with everybody.
Image quality is awesome, most of the review sites said it would be great: low noise with wide dynamic range, and it is. What is most striking though is how really really nice it feels, though the changes from my 20d are small, it somehow just feels extremely well put together. This is especially true when comparing to my rebel xt backup body. So so much nicer. Probably the best part is how fast the camera responds: the autofocus is much better, and the buffer size and shooting speed just make the camera feel always ready and instantly responsive. Though ive never used a 1 series camera, this camera feels very much like a well made photographic tool, not some plasticy toy. If you are considering this camera, youll be very happy with the purchase upgrading from an earlier x0d model camera; furthermore, those upgrading from the rebel series will be ecstaticly happy...they are totally different animals.
Good luck all and happy shooting!