Although many parts of the game are still broken or nonexistent (join in progress, proximity chat, reliable coop, etc.), my experience with the new patch has been pretty good. Shots in Halo 1 finally register, and my party was able to que up and play through 5 or 6 games consistently.
How is it for everyone else? Have you tried getting a few friends together, and did you have any problems? On my end, this patch was a very small bit of solid progress.