I've been using Vista x64 for a year now. I got it on a new laptop, so I have up-to-date (i.e. beefy) hardware and all the drivers included. That might explain my amazing success, but I, too, have had absolutely zero compatibility issues, hardware or software. Admittedly I don't have much hardware to speak of, but pretty much anything new is supported.
Software-wise, pretty much everything works for me as well. I've played Halo 2, Bioshock, UT3, Gears of War, and they all run smoothly. I've heard people say XP is anywhere from 5% to wildly-high-percent faster, but I haven't tested it. And frankly, I don't care.
Regarding some of the other posts...
-- I have SP1 and didn't really notice any improvements..maybe that's just me. They tell it it made things better, but honestly I couldn't tell you what. I had no nagging complaints that it fixed..
-- There are some speed issues when copying files, especially to initiate the copy window. Other than that, I have no experiences with missing functionality or slowness, or lack of usability. If anything, I find myself wishing my work computer was Vista instead of XP. Little details like the new popup calendar, the search box in the start menu, the in-place start menu rather than the ginormously-expanding XP version.. All of these are just..nicer. Also the translucent Aero theme is much nicer than XP, in my opinion. XPs theme looked childish and gaudy, causing me to revert to the classic windows look, whereas Vista is much more subtle.
-- Regarding the UAC (the security popup fiasco..), I have left it on its default settings. I have to authenticate as an admin maybe..once a week? In my experience, it really isn't that big of a deal. It is required for installing software, modifying certain system configurations, deleting files that aren't owned by you, etc. It's actually rather comforting to have it verify my intentions.
-- I haven't noticed any problems with x64. It's true that a lot of processes run in 32-bit mode, even some of Vista's own services and Microsoft's software. It's also hard to find native x64 software. That said, the fact that I can run all my x86 software flawlessly, utilize all my memory, and take advantage of 64 bits in OS code and a few pieces of software (I have a x64 build of Firefox) is worth it. I can't see myself ever going back to 32-bit Windows.
-- I've heard Vista described as a new operating system that looks like XP. When people look at Vista and say, "meh, it's Vista with some new eye-candy," they are overlooking the fact that Microsoft rewrote pretty much everything. Now, if most of this is irrelevant to the end-user, you could argue that it doesn't matter. Maybe so.
If you are buying a new computer which isn't last-year's (or 4 years ago) model, there isn't really an excuse to buy XP over Vista. It's just the OS..it runs your software.