Well I got the D40 today.
What I'm loving -
The feel of it, its nice and solid.
The sound of the shutter, I swear it makes my photography just a teeny bit better.
The half price 4gb sandisk III I wangled out of it.
The lack of lag in comparison to a compact, being able to almost instantly capture a moment is great, especially at the river near work, I captured a goose in full fail, yes it was fail rather than flight, it flew into the walled embankment
What I'm not loving -
I want a 200mm lens