Generally I really like Liverpool as a city, and for the most part liverpudlians are some of the friendliest people I have met - as long as you don't criticise their city - I only hope the money from capital of culture gets spread around to the more impoverished areas a lot more than it is already.
I think overall the capital of culture is a good thing, as Liverpool has never fully recovered from the economic recessions of the 80s, and unlike equivalent cities such as Manchester, has not fully enjoyed the economic and cultural rennaissance of recent years (I know a number of liverpudlians will hate me for mentioning that, but it's true). Hopefully this year will just be a kick-start for continued growth and development.
I have 2 major gripes with the whol capital of culture branding though:
1) I was hoping it would be an opportunity for the city to downplay the Beatles (on whom they've been dining out on for the best part of half a century - and I feel this is a major factor in their struggle to keep up economically in recent years), and promote all the other diverse, exceptional new talent within the city. But who opens the ceremonies, Ringo bleeding Starr - complete with freaky hybrid scouse accent, and total lack of knowledge about modern Liverpool - bleating on about the Fab Four, and generally prancing round like it's 1963
2) The fact that until Liverpool won it, I'd wager more than 90% of Britain hadn't heard of the Capital of Culture, let alone have the ability to name a single other winner. Perhaps worse is the fact that Liverpool has promoted itself as being the sole most cultural city in Europe ever since winning it, perhaps most grating since the honour for '08 is shared between them and Stavanger