The scientific performance of the Planck Low Frequency Instrument (LFI) after one year of in-orbit operation is presented. We describe the main optical parameters and discuss photometric calibration, white noise sensitivity, and noise properties. A preliminary evaluation of the impact of the main systematic effects is presented. For each of the performance parameters, we outline the methods used to obtain them from the flight data and provide a comparison with pre-launch ground assessments, which are essentially confirmed in flight.