Well, there have been things I've bought first rev of that worked and some didn't. Some things I've bought 2nd or 3rd rev of worked and some didn't.
Bought 1st rev of MBA a year and a half ago - never a single problem - my issue is that it's just too underpowered for what I want to do --- not an issue with it at all it works as it should, I just didn't think my purchase through before I did it

- bought a 2nd rev of Airport Express, thing was junk - threw it out and got a second one of the same rev and it worked fine. Manufacturing defects can happen any time, but I would agree they tend to happen more in a first rev than future revs.
After taking delivery of the 497th of a particular car that came off the assembly line and had $60K worth of warranty work in 2 years, I swore I would never buy a 1st model year car. My wife promptly went out and bought a 1st model year of a car and 2 years later hasn't been in the shop except to change her oil - so maybe it's buying German vs. Japanese 1st model year...
I guess my point is, I understand the hesitancy with purchasing a rev 1 product that people are complaining about (although, I think 15 or 20 people out of the thousands that have them probably isn't a statistically relevant sample) - heck I like my new iMac so much, I just ordered another and when they finally decide to give me a ship date and I can set it up, I'll let you all know if that performs as well as the one I'm on now.
Best of luck to all - hope you get a good one for those of you taking the plunge.