There’s a bit of silliness with resource limits (that I think should be configured to match the user’s hardware or at least mentioned in the installer), but overall I agree completely. The base system includes a couple of window managers, including CWM which is quite nice. On a laptop you have to enable APM, but after that you’re just about done.

I’d say it’s about equivalent to a simple Arch install on easy hardware, although OpenBSD comes with quite a bit more security stuff pre-configured.