Windows 10 Anniversary Update: The good, the bad and the 'meh' (with video)

The Windows 10 Anniversary Update has been a year in the making, with more than two dozen public previews made available so that we could get a taste of what was to come. As of August 2nd, it is finally here.
This new version will be delivered via Windows Update -- although at the time of writing, it was not yet clear whether it would be available immediately to everyone or whether there would be a slower rollout.
So after all the time, all the work and all the hype, how does it stack up? Will