Half of faulty Note7 phones have been exchanged in the U.S.

Well, that's a relief.

Samsung's initial pleas for customers to stop using and return their Galaxy Note7 devices with faulty batteries weren't particularly fruitful, but now that the recall is official and replacement devices are arriving en masse, the plan is working.
Approximately half of recalled Note7 devices have already been exchanged, Samsung announced Thursday.

"Samsung Electronics America, Inc. announced today that about half of all recalled Galaxy Note7 phones sold in the U.S. have been exchanged through Samsung’s voluntary recall. Additionally, 90 percent of Galaxy Note7 owners have been opting to receive the new Galaxy Note7 since the phones became widely available on Wednesday, September 21," the company's press release said.

Note that this is only the U.S. — there's still a good number of faulty Note7s in other parts of the world. Up to 2.5 million defective Galaxy Note7 phones were shipped worldwide; approximately 1 million of those were in the U.S.
After a slew reports of batteries catching fire, Samsung reacted and advised customers not to use the devices, later issuing an official recall. The company also pushed a firmware update to faulty devices, which warns users the phone should be turned off and returned immediately.
Many companies and organizations — including the New York City subway and the U.S. Consumer Product Safety Commission — warned or outright forbid people from using Note7 phones until they exchange them for a new, properly working device.