Has anyone heard "XM" satellite radio?

I am replacing my stereo system and was looking at a digital source. I thought about "XM" radio to fill the void until the formats get settled out. Will I get the audiophile sound with the imaging and all or will it just be many channels with clarity?
jwmazur: the xm demos i've heard (set up by xm) lead me to believe that you should expect to get sonics roughly equivalent to a middle-of-the road fm tuner. -cfb
i cannot wait to install it in my road car. i think it is much better than fm radio. i never thought of putting it in my home though.
I've heard the XM and was disappointed. Its better then FM but not as good as CD. I am waiting for Sirius a competitor of XM that is due to launch in Feb. Its said to be better quality, a little more per month, but no commercials.