The 407 is a wonderful machine to fly, and certainly a step up from previous generation helicopters. Of course, the comparisons to the 350 are as common as Ford and Chevy.
It will outperform a B2/B3 in some categories, and lags behind it in others. I haven't flown it at altitude, but friends who've worked them in the Himalayas and Rockies say they perform very well. At sea level, on low gear with a hook it scoots along at an honest 140kts. at 85%Q. You can use a 200 or 250 gallon Bambi and blast away at fires, or sling six drums of fuel to your fuel cache. In utility config, you can go full pax full fuel. It has a crisp, firm response and excellent tail rotor authority.
Overhaul costs are less than its competition, and will get better when the target lives are reached, and product support is the best in the business.
On the down side, it's not as comfortable as the A-Star, and doesn't have as much baggage space. The debate over "open cabin vs control tunnel" is split 50 /50. Some people like the open cabin concept for the visibility it offers. Others, like some corporate, law enforcement, or those who carry frieght internally prefer the cockpit be separate. Whatever. What that box beam cabin does offer is a high degree of structural strength. I always felt exposed in the A-Star, and found it akin to sitting on lawn furniture. Not much protection around you.
What it boils down to is this......it is a great performing aircraft, as are all the newer generation helicopters. It has gone through some growing pains, as did its competition (remember?), but like the A-Star, will rise above that and find its place as a great helicopter.
There is a lot of speculation on the latest accident, however it did not fit the profile of the previous three. With the new configuration in the back, left pedal full pitch is limited to 17-19º with the pedal stop engaged. This will not allow blade - boom contact in cruise (far from it), as proven to the FAA and TC in flight test. The investigation continues so comment on the accident is not prudent.