It is pretty cool. I can see the Kernel Hacker mentality in it's design. For example, files are stored in
.git/objects/as files with the name is the SHA1 hash. The name of the file exists in a directory like file. This is like files on filesystems stored by iNode number and the name of a file only exists in the Directory file. This makes renames fast and hard links possible in filesystems. It has a similar usefulness in Version Control.
There is a lot more to learn about Git than, for instance, learning how to use Subversion. That is due to the fact that Git does so much more. Git runs completely locally. Switching branches is fast, like renaming a directory; as compared to recursively copying a directory.
I am only up to branching right now. I can definitely see there is coolness behind all the hype around Git. It is not just the Linus Torvalds(tm) brand name. Even for private projects, it looks like it will be useful.