I'm mostly very pleased about what they've done with the Friends line, and it's great to see they're cranking out a lot of new sets, and keeping the theme strong. Of course, as an AFOL, I love all the new pieces and colors, but I also think the sets are generally very well made. As others have said, I would have loved to see some more boys in the line, and I've heard some rumours that there are going to be more boys, but no tellings of when. I'm still not really a fan of the minidolls, but they have somewhat grown on me. They are definitely cute, but their lack of poseability is really the most off-putting. I wish they were able to walk, and move their hands.
One thing I really like is that even though the sets are clearly made for girls, they are not overly girly, and they are not trying to make girls appear less adept than boys at building. And it really creates a great addition to Town, which doesn't have more buildings from casual life.
All in all, I'd say it has lived up to my expectations, but I'm still disappointed in the lack of mobility in the minidolls, but I've come to accept them as a worthwile addition that girls like (even I prefer the minifig myself )