Canon EOS Digital Rebel XT with Customized Lens Kit 8.0 Megapixel

Cameras I currently own:

1) Canon 20D
2) Canon 5D
3) Sony DSC-F828
4) Canon SD400

The Good:
1) Amazing size, it is significantly smaller than the 20D - I can fit this in my backpack whereas the 20D won't fit. IE, I can bring this into some places where I cannot bring my 20D - and still get DSLR quality pics.
2) Solidly built - no problems with the construction quality. You won't need better weather seals unless you are a war correspondent or Everest sherpa.
3) Fast writing to CF - Canon fixed the worst problem with the old Rebel - ie, its slow I/O speed. This one writes fast and in fact, can go for longer without running out of buffer space than my 20D (but this is because of a slower shooting speed too). I got over 20 RAW shots to CF in one burst - using a SanDisk Ultra II 2GB card - fastest on the market.
4) Fast start-up. Instant start-up, just like the 20D. No more missing shots like the old Rebel.
5) Noise and pic quality similiar to 20D.

The Bad:
1) No software ISO3200 mode. Inconvenient for low light no-flash situations. Canon cheaped-out here, it's just software. Someone should write a hack.
2) Noise still noticeable at ISO1600 - just like the 20D. For this price it's fine, but the 5D set the new standard.
3) 3fps - limits your creativity action-shot wise. 20D gets 5fps, which is significantly more. If you don't do action shots, you won't care.
4) Pictures are slightly smaller than 20D - slightly lower resolution, but again, you won't care.

Overall:
Great camera for the price, worlds better than the competition at a similar price point. But as I always say, you get what you pay for. It's no 20D, but it is smaller and cheaper, and sometimes that's worth more than ISO3200 and 5fps.