I saw a band during pretty much every time slot, and here are my rankings for the first day's stuff:
1. Secret Machines
2. Ohmega Watts
3. Stars
4. Anathallo
5. Cameron McGill and What Army
6. Death Cab for Cutie
7. Violent Femmes
8. Sleater-Kinney
9. Ryan Adams
10. My Morning Jacket
11. eels
Now, I was rushing around for a lot of it (read: sleater-kinney/femmes and Secret Machines/MMJ), but I saw the majority if not all of every set, as the times weren't exact. This festival is amazing, and all of the shows have great energy. A friend of mine spotted Conor Oberst at the Cursive concert; wondering if anyone else saw him.
The Secret Machines always have great energy, and that carried through today even though it was a daytime outside performance. Stars would be above Ohmega, but the mix was horrible and I don't think Torquil works well with big crowds (they were on one of the large stages, and attracted all of the people leaving the eels concert). Death Cab just didn't have enough energy at parts, but the ending was incredible when Stars came onstage.