OK... first off, DO NOT wait for this film to come out on DVD unless you have a good home theater (complete with HUGE screen) or you'll ruin the suspension of disbelief that it's an old exploitation film. If you can see it in a drive-in, even better. I'm planning on catching it at the local drive-in if it plays there, because it's worth seeing again to be able to do it as a drive-in experience. I even got "lucky" (purely subjective, as my butt did hurt after the first hour or so) in the sense that we got to see it in the more "run down" wing of my local theater.
Simply put, Grindhouse lives up to its own hype. It is everything one expects from a tribute to classic exploitation films, complete with 4 fake trailers. One trailer before Terror Planet (Rodriguez's short, and the better of the two in my opinion) and three in between that and Death Proof. There's also burning film, missing reels, etc.
A number of people walked out on Death Proof because the first 20 or so minutes of it were cliché Tarantino, as in too much boring dialog that doesn't do much to set up the film at all. Really, if I hadn't stayed to see the rest of DP, I wouldn't be able to blame them.
There's so much I want to say about the movie, but I hate when people say too much and spoil a film for me, and I don't want to be a hypocrite... so just go and see it.