The Mock LISA Data Challenges (MLDCs) have the dual purpose of fostering the development of LISA data analysis tools and capabilities, and demonstrating the technical readiness already achieved by the gravitational-wave community in distilling a rich science payoff from the LISA data output. The first round of MLDCs has just been completed: nine challenges consisting of data sets containing simulated gravitational-wave signals produced either by galactic binaries or massive black hole binaries embedded in simulated LISA instrumental noise were released in June 2006 with deadline for submission of results at the beginning of December 2006. Ten groups have participated in this first round of challenges. All of the challenges had at least one entry which successfully characterized the signal to better than 95% when assessed via a correlation with phasing ambiguities accounted for. Here, we describe the challenges, summarize the results and provide a first critical assessment of the entries.