Ok, I don't have a lot of time to play with this thing today but here's what I can tell you so far.
It's slow. Not VERY slow, but it could be faster. This pertains to everything (disc loading, menus, etc.)
Component output's nice, but all I had to work with was 480p the first time since the unit doesn't allow upscaling on component output. It's not as nice as my HTPC with 720p upscaling and it's been sooo long since I used 480p that I can't even tell you how it compared to standard DVD players since I haven't used one in my theater room for years.
I ran out to 6th Ave. and got an HDMI->DVI cable. My Yamaha projector kept saying "NO SIGNAL". I got REAL nervous. That's when I....READ THE MANUAL

. Turns out that you can switch the output between HDMI and component, and then you can change the resolution to 480i, 480p, 720p, and 1080i. Apparently, my LX-500 doesn't like 1080i over DVI (but does seem to work over component), so I had to put the HDMI output to 720p for the LX-500 to work with HDMI.
I went back to standard DVD and now I was able to upscale to 720p. A noticable improvement, but colors seem a little muted compared to my HTPC.
As I stated above, R2 discs don't work.
The menu system is nice and intuitive.
I have not tried analog outputs, just the standard Dolby Digital.
I haven't run an ethernet line to the machine yet.
Unfortunately, I don't have any HD-DVDs to try until Tuesday when they're officially released. I went to a bunch of stores and none of them even had them in stock according to their computer systems.
That's all I can tell you for now.
Mike