Definitely lives up to to the Guitar Hero name.
The controls are quite simple, and I've rarely found flaw with them. The touch screen is actually quite nice and at times I actually prefer it to the strumming on the console controllers, as it actually feels more like strumming a guitar to me than flicking something up and down (I do play guitar).
The buttons are well placed and not hard to hit, and the whole attachment thing works out well. I actually haven't played more than an hour at a time so i'm not sure if you get cramps from holding it like that for extended periods of time, but i"ve had no problems thus far.
The only thing that keeps it from being amazing is there are only 25 songs. Single player wise, this is a very small amount. However, the replay value is very much extended when you take into account all of the multiplayer modes, which include Face Off, Pro Face Off, Co-op, and Duel. The Duel mode leaves a bit to be desired but all the other multiplayer modes add a great deal fun to the game.
It's definitely worth the money, and I'd think this is one of those games i'll still be picking up and playing in a year or so.