Great little device, it is. I can just barely fit one episode of The Amazing Race on a CD at 320x240 at full audio quality, 25 FPS, and the compression artifacting isn't too bad. If I had a DVD burner, I could do better, but I didn't want to go to the $250 expense when I bought my computer- and I still think that's the right choice, because what I can get on a CD is good enough.
It also works perfectly as a display for my GameCube, the thing that was the really important part. (Yeah, I've got my priorities straight...) No lag if I have timeshifting off, and the quality is better than I can get from the television I had it on- the inherent lag of an LCD screen is a little annoying, but it's not too bad. It'll be more than sufficient.
So I'm all ready to not head home for the weekends. I'll actually be able to spend time with friends next semester...