I'm not in the game yet. I really want to be in the game and playing right now. But that does not at all equal a failed launch.
We all knew, a long time ago, that they were going to handle the launch this way. So far all Bioware has done is get people in a little bit earlier (and seemingly get more people in) than they had originally planned.
So far, the known bugs list is small. Servers aren't falling like dominoes. From what I hear, in game lag is negligible. Most guilds seem to have been placed on appropriate server types, often with at least a few of their adversary/ally guilds.
This might not be a launch of the type that we would all prefer, but it is certainly not in any way a failed launch.