I've been using one for a month or two now, having sworn never to use a Motorola (I get to test everything doing mobile development, and I can't stand the Motorola MIB interface). I'm actually quite impressed.
It's fast and most things are easy to use, Java implementation is excellent... texting is somewhere midway between the ease of a Nokia and the purgatory of old Motorola. The dual screen thing with interaction when it's closed is a bit pointless but occasionally useful; however I think the ability to change the profile - and thus turn off ringing and vibrations - from inside your pocket with no deliberate intervention is not something I would choose to have.
I never really liked the looks of the original RAZR V3 with the batteyr bulge and the fat squat screen when open, and this looks like the V3 should have done - but it's hardly high fashion these days.
Overall - nice if you like flips, not the greatest phone ever but you could do worse. Ash, I suspect you'll find the V8 faster and better looking but less powerful than the Nokia RAZR-clone - I haven't tried that exact model but Nokia always underpower S60 devices. If you plan to install lots of S60 apps, go for it, if not go Moto (I never thought I'd hear myself say that...).
If you're holding out for the V9 - don't. It may have 3G and swappable cards but it uses the old Motorola MIB UI, so is very much stuck in the murky difficult-to-use past.