What do you think of Google Calendar?

So Google finally ships their calendar application. I've seen (and have) mixed feelings about it so far. On the one hand, Google Calendar is just about what I  expected to see - very Gmail-like in its presentation and usability. But some of the features and functionality being reported by others isn't showing up for me (yet?) and it's unclear if that's my problem or another one of Google's roulette wheel feature roll-outs.

Specifically, I don't seem to see any integration with my Gmail account. I can go to Gmail from my Calendar but not the inverse. I don't see any way to dynamically create a new calendar entry from a Gmail message that contains date. time, and place information. I tried to set up my Treo (Sprint) to receive event notifications but never received the promised Validation Code required to get that set up. And I don't see any way to subscribe via RSS to my calendar.

I was able to import Outlook calendar data with only minor problems (everything was one hour later), create a shared calendar, and send invites to some of my contacts to get a Google Calendar account and add my calendar to their account.

I've seen reports of folks having trouble setting up an account, logging in, and other sporadic issues that have become common with Google launch events.

What's your experience been like? Do you think this is a tool you'll use? Other offerings like AirSet already offer much of what Google Calendar provides and already have critical features like Outlook and PDA sync figured out. Does Google's brand and installed base of users trump the more evolved feature set in competitive offerings?

UPDATE: I finally did get the validation code for my Treo so in theory the SMS alerts should start rolling in now.