I just got the one last week. The physical design is actually quite good - the convex back is attractive and makes it feel thinner than it is (and who is saying it's fat? Really? You think this is a fat phone?). The camera isn't quite Lumia 920 quality, but it's solid in low light. The speakers do live up to the hype...I never use my phone's speakers, primarily because they sound like crap, but I've found myself putting music on with the One because it's actually decent. Sense has it's issues, but I really like BlinkFeed. I got used to double tapping home for multitasking in about 3 seconds, and a custom ROM adds hold-back-for-menu which generally works well, so the button layout doesn't bother me.
However...the battery life is truly atrocious. Like, original Palm Pre atrocious. I'm burning through about 15% per hour. This morning I was navigating in my car with it plugged in to the car charger, and it actually still drained (albeit slower than normal). This is a hefty 2A charger too, it's not some cheap piece of garbage. I don't know if it's the 1080p screen, the beefy processor, Sense, or a combination - but man, it's bad.
Tough call. I like the physical aspects of the phone, but even a battery the size of the Razr Maxx HD's wouldn't make the longevity of this phone acceptable...