We have access to the surplus channels and have been getting lots of MOLLE I and some MOLLE II gear for the last couple of years. The MOLLE I has some fairly good components, and some weak ones. MOLLE II is better, but still has some faults.
The LBV is fair to middling. The modular pouch idea is great, and customizable vest idea has lots of merit, but the vests aren't as comfortable as they could be, and become kind of superfluous in many environments when you are wearing the armor.
The ruck frame is weak, a little unwieldy, and the ruck itself seems like it can't hold as much as my trusty, busted LC-2 Large ruck (complete with an OD wool sock tied to middle of the frame to keep it from wearing a hole in my back). I haven't humped the MOLLE ruck any considerable distance yet, so I can't say if it is any good.
The MOLLE Patrol pack, ammo pouches (reinforced MOLLE II, cause the MOLLE I pouches wore out easily) work very well. The double mag pouches also conveniently take a Motorola MTS series radio, as well. Camelbaks and bandoleers are great, so far. This pistol pouches kind of bite, though, and one would be better off with commercial equivalents.
The grenade pouches are great for holding a couple pair of handcuffs and a can or two of Copenhagen.
The 40mm pouches work pretty well, though they have some issues with ferret rounds. The single 40mm pouch holds a can of Capstun in it sleeve like it was made for it.
The "waist pack" is essentially the same as the butt pack, though it attaches too low for my tastes.
MOLLE seems to work fairly well. I see the vest getting scrapped and the rucks redesigned again, maybe with an alloy frame. The attachment system works pretty well and attaches very securely. Many other manufacturers are making MOLLE compatible or similar systems and at least some elements of MOLLE are here to stay.