Not bad. Would've preferred a custom username instead of a generated digit code, but this is still a step up from the Wii and DS' online structure.
The launch line-up isn't very impressive, but the number of early fighting games and RPGs is very promising. I wish we could at least have a Mario Sunshine port at launch or something.
Activity Log seems like an attempt to make the system a part of your daily routine. I think it'll work for me since free coins to unlock stuff sounds like a good deal.