I just picked one up at the local Walmart. It was on sale for under $190 I think. It's a cool little toy to have and the speaker is much better than I thought (I had really low expectations for it). As for my first test I hooked up to a PS2, projected into on a white wall, and tried out Final Fantasy X. Needless to say I gave up within a few minutes. I could not even make out the text! Also I tried it during the day today and it's pretty much impossible to use it before the evening if there is any light around. I'll check it out with a DVD at night later. I'll likely end up returning it.
You get what you pay for.