I really dig it and have been running the same install since May 2010 as my primary workstation (I even run #! in an emulator now on my MacBookPro instead of OSX :)). Obviously the file system is like Debian but the installation process (including a minimalistic-yet-stylish OpenBox desktop config) has been simplified.
Recent (and rare) release a few weeks ago (most updates are just pushed through distro-upgrade commands) : http://crunchbanglinux.org/blog/2011/11/27/crunchbang-10-sta...
The prerogative over time seems to be continued experiments in the art of minimalism and simplicity. I like that (I love that).
By default a gdm/gui/login kicks in at bootup ... I always kill that ASAP so I can "startx" or somesuch manually.
It's worth your time to try it! (You'd hear more about it but it's 100% word-of-mouth)
Sure: if I didn't have a 9-5 job I'd build everything myself on top of Arch or Debian ... I don't have the time and #! fills in the gaps for me.