I'm running two 4th ed games and play in a 3rd (they're twice a month rather than weekly, so it's doable).
So far I like it. It's really, really easy to DM. I couldn't quite find a monster that had the right rules and description, so I just reskinned one. It worked really well. Things are well defined, but not over defined like 3.x was.
I also like how I can gun for the players a bit more. The monsters can fight pretty dirty and if you use the encounter design rules in the DMG, you'll never accidentally kill them off (this happened a lot to everyone in my old gaming group with older editions). It's nice that when combat starts, I can actually play a little game myself rather than having to worry about running the combat in a way that won't either wipe everyone out or just fall apart because of how powerful the players are.
The game is definitely designed for dungeon type settings. Right now one group is in a wilderness setting with a combined political and military thing going on (they're trying to unseat a dragon who rules a collection of towns and settlements without directly confronting the dragon because they're not yet strong enough to do that). This means that the players can "nova" and use all their daily encounters without fear of needing them for another fight as they'll probably have time to rest. At the end of the last session, I told all the players to keep track of what abilities they used as they may have another encounter before they can rest and get all their spells back and whatnot.
Experience points are not that same as they were. Instead of being a reward, they are more like a pacing mechanic. To set the pace from being a starting hero to becoming more of a demigod. Leveling up is nice, but all the difficulties for things like skill challenges and encounters scale up as well, so it's more about setting a pace in a larger overall story arc than anything else.