Having used it for a month now, I'd say it does what it says on the tin, but its major failings are:
No AC3 audio support
No widescreen xvid playback except in letterbox
Intermittent vertical stripes on XVID playback, mostly seemingly associated with widescreen NTSC video
Annoying DV onscreen controls cannot be removed from monitor during DV throughput (though they don't get recorded.) You have to record the DV input then play it back to watch it clean.