Compared to the bundled guitar from Rock Band 2, this is an evolution, but in a positive direction. The buttons have a much softer, less clicky feel, reducing the noise, and also allowing you to use less force when playing. I can play longer before my wrists start to hurt, which is a big win. The softer touch also seems more accurate, allowing me to play more by feel and sound instead of having to look at the notes on screen.
The wireless USB dongle is included, even though it is not mentioned in the description. Everything you need is in the box, unlike the Wii Guitar Hero 5 Stand-Alone Guitar which cannibalizes a regular controller.
The main plastic case has gone to a cheaper looking, matte finish, but they've also dropped the price $20, so I'm more than willing to make that tradeoff, especially when it comes with superior control. Not worth buying as a replacement for a working guitar, but an excellent way to add a guitar to your band.