I actually like GFWL. Sure, it needs improvements in key areas like supporting party chat with Xbox Live users being able to check messages from friends without having to start up a game, but overall it works (roughly 80% of the time) for me.
I'm all for consolidation if it means more reliable services and Microsoft has been making a big @@@ effort trying to win people back. It's definitely working. People resist at first (just because Microsoft is apparently the big bad in the PC world), but people eventually come around.
Seriously, Microsoft Office and Xbox Live on Windows Phone 7? Genius. Bing being integrated into all Microsoft websites, Xbox 360, and WP7s? Awesome. The Metro UI used on Xbox 360, WP7, and soon Windows 8? Fantastic. Hell, even the Xbox 360 has been getting Silverlight added to it little by little. Easier porting of games and apps between PC, 360, and WP7 is alright by me.
So everyone just needs to relax and give GFWL a chance blossom on Xbox.com. If nothing big happens within 6 months, THEN you can start freaking out.