I'm still freaking out about this thing. It was created for people who like to tinker. Out of the box, it's still a little wonky, though it's improved a bunch since it was originally released (refresh rate fixed and other stuff).
However, I was looking forward to tinkering with it, so after playing with the stock OS a bit, I backed it up and replaced it with the NCCE homebrew firmware (linked earlier in this thread). It's unbelievably simple to update the firmware.
I went ahead and purchased PCE.emu ($4) and am able to play all my HuCARDS and CD games perfectly on it.
Mysterious Song is so much more fun now that I'm not worried about burning out my CD drive (and it was fun the last two times I played through it on real hardware!). I'm slowing down and appreciating all of the details that went into this game.
Netflix also runs perfectly.
I bet if I'm frugal with the wi-fi usage (which I keep off most of the time and consider that a bonus) I can get at least 6-8 hours on a charge, though I haven't let it get very low yet.
I paid $135 shipped off ebay for mine and am extremely happy with it. I intend on downgrading to a "dumb" cell phone now since I rarely use it when wi-fi isn't available. Having this thing is far more functional, due to the larger screen and faster processor, and I can play Alien Crush on it!