For anyone wanting to have their PCs backed up automatically in a household, and to share their media inside and (securely) outside, this is a great product which, in the most part, builds on the great work done in WHS v1.
As another WHS v1 user of many years, I moved to 2011 when it came out and have not looked back. Yes, it does not have the drive extender technology - but although this was a good solution for adding storage when TB disks were unheard of --- and the extender technology was not without some fairly significant restrictions and some big issues to start with. For most users these days the capsacity is not really an issue - and as is stated in other reviews, there are at least three add-in products coming out that provide this functionality.
Having a full 64-bit server OS (which is Windows Server 2008 R2 with many of the features such as DNS, DHCP, etc. etc. usable for those wanting to do more with it) and a greatly improved remote media (and remote terminal) experience is worth the current limitations.