I remember doing the first MorphOS tests on my A1200. I think it was 0.3.
It was really hard to setup, depended on lots of classic amigaos stuff to work back then, was a bit slower than my 060 due to emulation (175MHz PPC) and was quite unstabile aswell.
But still it felt awesome. It was unbelieveable, how the whole system ran just on PPC processor, only needing some serious bugfixing etc. :-)
On the other hand it felt a bit "wrong", as the expensive 060 chip was left totally useless. But I saw it as a "way to the future", running on machines with only PPC chip, as it was becoming harder & more expensive to update classic amigas...
So then came Pegasos 1. I saw it at local demonstration, and it certainly was a lot more stabile (I had updated MorphOS on my classic a few times) and looked like something "almost usable". Anyway, that's when Pegasos 1 made it onto my shopping list, and when finally available for general public, I bought one.
1.3 worked ok, and later released 1.4 even better. Obviously I also updated to Pegasos 2 when the update offer became available.
Then came long delays in releases, and even if major update is still not released, the 3 worst bugs / missing features were fixed (namely support for Radeon 3D graphics, bugs in DVD access (only first 4GB could be read properly) and HD support (there was some max limit, which I can't remember now)). Also MUI and Ambient have improved a lot since then. Even if I'm quite happy with the current system, there are some rather minor things I don't like, such how it isn't possible to change the 32bit pointer to new one (4col pointers probably should work, but that's why I haven't even bothered testing them). Also memory fragmentation slows the system down after a few days, if it's in use constantly. But that kind of small fixes and new hardware accelerated graphics system make the next version worth waiting for :-)
So what do I use it for then? Basic networking (forums, irc...), software development (OpenGL & SDL based own projects, written with GoldEd), media playback (videos, audio) and games (mostly MAME)
And yes, I do realize that I could do most things on other systems aswell, and some might argue I might be able to do them even better (especially web browsing, but I don't really browse "too demanding" sites that much, and I have linux box running anyway)
Last but not least, it's also "Something Completely Different" after spending whole day developing with Linux at work :-D