I don't have a lot of MAC stuff (a primer, a lip balm and three eyeshadows) but so far I've been pretty happy with it. I like the primer for every day, the lip balm could last a little longer but it smells good and has a nice light pink tint so it's good.
The three shadow shades I have are Woodwinked, which I LOOOVE - gorgeous colour and fantastic pigmentation and blendability. Da Bling which I'm not a huge fan of... but that was more my error for buying a colour that I can't really pull off - it's a pretty bright pink, but I do use it sometimes to punch up the colour of lighter, icier pinks that don't show up as well since that's the type of pink shadow that suits me better. Last shade I have is Knight Divine which I wish was just a liiiittle more pigmented, for what looks like such a deep shimmery charcoal colour in the pot, I really have to load up the brush for it to show. But the colour is nice and it's buildable and blends pretty well so overall I like it!
I would still buy MAC, since I was never really a MAC-aholic to begin with!! I don't even pay all that much attention to the brand, especially not the LE stuff... like others said, it would piss me off to fall in love with a product I couldn't replace later!