Pros: With alternate Firmware (SnakeOS) its a really good device, you can even add usb-hubs (with 5V power adaptor) to add additional devices (i have 4x 4GB usb-sticks attached).
The original Firmware AFAIK doesnt allows usb-hubs and only 2 devices are supported, but since its based on linux the alternate firmware is not so restrictive.
Also downloads via torrent (havent used this, so possibly crashes are related to the torrent-client taking all ram/swap) and FTP/HTTP/Telnet/SSH-Server are available via SnakeOS.
For this price (40$) you cant get any NAS Device here in Europe thats linux based and supports usb-hubs, they all start at a price of about 130$ here (and they only support a build in harddrive and one external usb device)

Cons: Default Firmware crashes sometimes, AFAIK it doesnt even supports usb-hubs...

Other Thoughts: If you need to have your movies/mp3s/downloads ready 24h a day without running a 300-400W PC then you have to get this!

Bottomline: I would buy anotherone if this isnt already working so good with my old usb-sticks and usb-hub.

Pros: Small and comprehensive for what you need. Even though the original firmware is crap with snake os 1.0 firmware the device really boosts up. It is a media server, ssh, sftp, smb server. Really impressive

Cons: Original firmware is really crap. It really blocks the devices capabilities. Dealextreme should consider it sending with the Snake OS linux.

Other Thoughts: With such a price I could never think of a cheaper linux computer at home with extreme low power consumption. I was holding my laptop online for days before with high electricity bills.

Bottomline: Buy this. Upgrade to snake os. Use for bit torrent downloads, printer server, smb server. I really suggest this nas.

Pros: Saves wear and tear on your main PC, no more leaving your computer on 24/7 to download. Web interface (using custom firmware)is simple and easy to use. I can log into the web interface and cue torrents while I'm at work so its ready when I get home. Using media tomb (needs SNAKE OS)I have all of my shows/movies on a 1TB drive and can watch them on my PS3.

Cons: The default firmware that this ships with is terrible, it hangs often and is very buggy.
Even with the custom firmware I have to restart the torrent downloading program (transmission) from time to time if I've been downloading too many at the same time but its easy to restart and I can do it remotely through SSH.
The only other con I can think of is maybe they could have had 4 ports instead of 2.

Other Thoughts: If you know what you're doing you can turn this device into a very handy little tool. Installing the alternate firmware is quite easy and if you run into problems there is a google group dedicated to this device and the custom firmware (http://groups.google.com/group/dealextreme-nas-/)
Basically this is a small computer for $40

Bottomline: Best $40 I've spent in a long time, my ISP doesn't have download limits so I'm taking advantage of that now ;) In the past I hated leaving my computer on all the time to download torrents, now its all done by this little device and on top of all that I can access it all from my PS3. Fantastic little gadget for the price.

Pros: Good idea, easy to use.
Low enery consumption.
================================================================================

Cons: Hangs after a couple of hours of use. I have the latest firmware update provided by the manufacturer, but it still hangs.
================================================================================

Other Thoughts: It is a NOT SAFE device: Data corruption eventually will occur since the device hangs.
================================================================================

Bottomline: USELESS since it not allways up.
A very waste of money.
I am giving up and I will try another manufacturer similar product.
================================================================================