Just bought modo 501 a couple days ago from Novedge. I first encountered the program when version 202 came out and was surprised at the speed and power of the program, but I was still in high school and thought I would be working with industry dominant programs like 3ds Max or Maya.
It was not until the 501 release and coming across Seneca's amazing modo scripts, when I became seriously interested in modo. All of the features blew me away. Luxology is a fantastic company, I started listening to their podcast and loved how they did not try to brag about their software being the best. They are open to modo's flaws and practically embrace the use and discussion of competing programs because it creates a better community and product (all of the major apps have their unique strengths and weaknesses). I also love the fact that modo is licensed to the user and not the machine.
At first, it may take a while to get used to if a user is coming from other software packages like Maya or 3ds Max, but once users adapt, they will surely enjoy it. I'm having the most fun working in modo than any other software package. modo is definitely worth the money.