I never beat the first one. I had it on gamefly and sent it back after a month. I am almost done with Anor Londo if I remember correctly. I'm contemplating going back to this before Dark Souls 2, but at the same time the story in that game isn't why you play so maybe I'll just wait for Dark Souls 2.
I think it's worht the time. IMO, some of the best areas in the game come AFTER Anor Londo. It's a great experience!
Also, another reason I chose transcend death is because it's kind of a theme of the series for me. You have these huge odds stacked against you, and you die over and over again as the Undead in order to achieve something more. By succeeding, you are literally transcending the idea of death and making yourself more than death as a concept.