With regard to the benchmarks Jason was referring to, I think they were on
FiringSquad back when Win XP first came out.
Personally, I've done over 20 XP installs so far, and ever since around the build 2495 mark (and moreso after RC2), it's been rock solid. Perhaps not quite as stable as Win2k, but certainly more aethetically pleasing. If you do a standard install I must agree - its hella bloated - but if you know your way round the registry and regsvr32 you can trim a bit of the fat (*cough, remote access, system restore, a tone (tonn?) of services, startup config, etc.*).
It really depends on what you're wanting to do with the OS. A power user should be able to get ALMOST any OS working for their needs providing the software/driver support is there.