I'm a couple months late on reporting, but I was in NYC over Thanksgiving and got in line for the Cronuts. I'll post pics as soon as I can, but the short answer: very good, but absolutely not worth waiting 2 hours in line for.
The best thing about the cronut is the texture, and the loads of butter incorporated into it. I don't use the term often, but there was clearly a lot of R & D involved in getting the texture just right. Also, we tried a lot of other things at Dominique Ansel Bakery, and I can wholeheartedly recommend visiting during regular hours for their other pastries (such as the DKA).
That said, as an alternative to the original Cronut, I'd very strongly recommend going down to
Chikalicious Dessert Club in the East Village for their version - the Doughssant. Yes, it's a terrible name, but this is not some fly-by-night knockoff. Chikalicious Dessert Bar across the street is one of my favorite places in NYC - and the Doughssant is quite excellent, but without the same publicity.
It's not better or worse than the Cronut - it's just different. The Cronut is rich and decadent; the Doughssant is light and delicate. They're essentially two different interpretations on the same idea, and are exquisitely crafted. I think I actually prefer the Chikalicious' version, but I need more research to really decide.
"I've always thought pastrami was the most sensuous of the salted cured meats."