Speedy and Snappy - The droid-3 is rippin fast. In fact, it surprises me that the droid-3 is notably faster than my Xoom, which is allegedly using the same dual core processor. Perhaps they did some nice software updates in between, or perhaps it's something else, but the droid-3 is REALLY snappy both in apps and the Browser. In fact, it's the first android phone I've used that feels like it has a 'snappy' browser, even for typing into web fields.
Screen is workable - I like the droid-3 4" screen size over the 3.7" droid-1 screen, but the visual quality on the droid-1 screen is obviously higher. That's partly because the droid-1 screen was a smaller version of the same resolution, which made it look a little crisper, and partly because the droid-3 uses a new PenTile screen technology that basically has fewer little-tiny dots (subpixels) at the same resolution. With normal size fonts, the droid-3 screen is gorgeous, but when text is at the edge of readable, it doesn't look so great. Put differently, if you size a webpage to be just barely readable on the droid-1's 3.7" screen, and then put that same set of pixels onto the droid-3, it's less readable on d3 despite being larger. The forums are filled with controversy about the moto PenTile (RGBW). My bottom line is that I wish they used a higher-dpi display, but it won't stop me from enjoying the droid-3 over the droid-1. In exchange for the slight loss of visual quality and crispness, we get a larger display which makes occasionally using the virtual keyboard much easier. Also note that most of these 4.2" displays are not any higher resolution, though AFAIK the Thunderbolt and Galaxy S II both use crisper RGB-RGB panels.
Phone call quality is excellent - From the few calls I made today, it didn't seem any different than my droid-1 in call quality, which has been excellent. I haven't tested the speakerphone yet.
Skip the Dock - I've been using the droid-1 dock every night to charge my phone and never had any issue with it. The droid-3 dock seems badly designed and not worth using in my opinion. Because it has both USB and HDMI connectors, the droid-3 doesn't smoothly slide on and off the dock. It has to be pushed on and pryed off. I have to actually hold the dock when I pull the two apart. This sort of defeats the purpose for me, wheras with the droid-1 I just dropped the phone onto the dock and snatched it off. It doesn't help that the droid-1 dock was weighted and the droid-3 dock is featherweight plastic, but the hdmi connector is the real issue. If there was a heavyweight USB-only droid-3 dock that worked more like the droid-1 dock, I'd buy that.
A little harder to one-hand than droid-1 - The combination of the larger size, the power button placement, and the power button firmness makes it harder to 'one hand' activate and use the phone. I'm sure I'll get used to it, but it's nowhere near as perfect as my droid-1 was. I also don't like motoblur forcing us to double-swipe unlock - once for the standard swipe unlock, once for my swipe password. Stock android allows you to use only the swipe unlock... which I much prefer. Hopefully Motorola will eventually unlock the bootloader for those of us that prefer stock android.
Jury is still out on battery life. If my first day and the forum posts are any indication, the stock battery will probably be slightly shorter than the droid-1/2. I have heard some say that the speedy CPU and bigger screen can really chew through battery if you play games. It's nice that there is also an available extended battery for those that need more juice -- and it still keeps the phone pretty slim.