Definitely a fantastic experience. One of the most intense rhythm games I've ever played, and certainly requires some twitch gaming skills. If you've been on the fence about this one, hopefully the temporary price drop convinces you to hop in.
If you have a home audio system with a powered sub-woofer, or good headphones, I highly recommend this game. Worth every penny at full price, though I couldn't imagine enjoying it nearly as much with just TV speakers. The audio goes hand in hand with the action, creating that odd experience where you are "one with the game".