I enjoyed watching the show, however i was expecting more from it. In my opinion they should have focused on the SAO story arc and close with Kirito beating the game. However, i haven't read the light novel so i can't really say whether that would've been possible. It really left me perplex, what a waste of time.
Yeah, it was a little short. I actually think they should have made more use of their time, say extend the original SAO story to maybe 20 more episodes to give Kirito and Asuna's rushed relationship a little more time to develop (also you never do see them slash through a boss like in the OP) and then made the second part another arc in it's own right.
Hm...I wouldn't say it was a waste of time, the artwork and animation were pretty decent and their music was great. It did leave me unsatisfied though.