On price alone (in typical Logitech fashion) the device can be eliminated. For that price you can almost get a full featured Windows 7 Media Center setup going in your living room, or the Boxee box due out soon ($199).
After some digging on the Logitech site I discovered another gigantic failure:
Supported Media Formats
Update: MKV supported, discussed during Q&A
Live Engadget Feed
Do I want one of these? Yes. But this thing SCREAMS early adopter all over it. I think I will wait for others to get their hands on the platform and see what they can do.
Oh yeah, no app store until 2011 either.
This is an amazing leap forward though and there are things I am very happy to see. Once apps start flowing into this thing and the price comes down (i.e. somebody else makes one) I will be be lined up with cash in hand. I am praying for either a NHL or NFL app, then I could even kiss my antenna goodbye.
Final verdict: Pass/Wait.
If you have the itch to buy something, here are some alternatives. I personally have a WDTV Live and love the little guy. I hear amazing things about the Roku box, and as always, the Apple hockey puck hits the price point a lot better than this device and will most likely have apps eventually.