From my experience it is just a median on the overall experiences. Being that most dive into it without fully grasping what they are getting into and having too high expectations on themselves and their partners. (how many confused teenagers haven't started wondering about their sexual alignment just because their first time was a total turnoff?)
The first time is grossly overrated in the "Public-eye" in the sense that they put all these impossible expectations of fireworks and magical showers of pleasure on something that when it comes down to it is "just" another form of human interaction.
Observe: Do not for a second think that it being "just" another form of interaction means anything negative. Quiet on the contrary, it is something very positive.
By realizing that it is "just" a form of interaction it will open up to the mindset of "Here we have something that might become awkward in one way or another.
How can we increase the fun and pleasure while decreasing the awkwardness?".
Having expectations that reach the sky is just going to make you disapointed, in the end it will not serve any good.
But knowing what you get yourself into is gold worth. It may be awkward at first but when the chain finds the teeth of the cogwheel and the whole thing starts turning (you start to make sense of how the theory applies to the practical act) even though you don't perform at a pornstar level (those guys cheat, they take long breaks

) it can be a very magical moment.
It's not "The world stops spinning" it is more of finding a new way of connecting to another person (no no NO.. Get your mind out of the gutter

) on an emotional plane we can't grasp before we've actually done it.
In the sense of fireworks and unicorns it is completely false. But going into it level headed and with both of you fully aware of what you are doing not only to yourselves but to each other aswell will open up a whole new world. Which can be mind boggling all in it self.
BTW. Most people doesn't grasp this "connection" the first time, like everything else it takes Practice.. (see where I'm going with this

)... and more practice. (now you're getting it..

)...
The first time is like popping open a bottle of ketchup, first comes nothing, then you shake it a bit, still nothing and when you are about to shake it again everything wells out all over your food before you even have time to react.
My only advice on this matter is: Don't do what I did, don't jump into the full blown act of full sexual intercourse the first thing you do. Experiment, let it happen incrementally, grow accoustomed to one level before moving on to the next. It might feel like a waste of time but later I'm willing to bet you will be glad you did it that way.
The way I did it, left me with more questions than answers, it left me frustrated over "Was this all? What was the big hype about?". It took a new and more understanding partner that was willing to give me a "second first time" and this time: to do it "right", for me to fully grasp what is was all about.