Got it installed and so far have checked out the cable TV features and it works like a champ. Installation went smoothly and it works like a champ so far (tried it with cable TV, haven't tried it with a game yet). The included remote control allows you to control any aspect of the device.
Here's a cable TV screenshot (see attached)
EDIT: and here's a link to a Gamecube video I made and posted on YouTube. Amazingly, there was no lag in play.. worth every penny and more!
http://www.youtube.com/watch?v=08l-8GJ1_bY