Pros: It does everything you can possibly want it to. Audio/video/games/internet/ebooks....
It is highly customizable, the Linux operating system gives you complete freedom to do whatever you want with this product.
There is a vibrant community over at http://www.smartqmid.com/wordpress/ to help you with anything you need.

Cons: This will not work properly out of the box. You need to tinker with it.
SmartDevices made their own Linux build for this which requires a certain expertise in order to get the most out of this product.
NOT an iPad replacement if you aren't a computer geek.

Other Thoughts: This device (I think) is mainly aimed at the high-end user. The people who aren't afraid to poke around in the inner workings and try to make it do what we think it should.
Out of the box the Linux has a pretty decent PDF viewer (Evince), a very good ebook reader (FBReader) and a not bad internet browser (Midori).
Connecting to the internet via wifi is easy, and once you've accomplished that, you can more or less do everything the average user expects to, browse the internet, read books and watch movies.
The HD video quality is very good, although the player (VLC) is not too good.
The system is prone to crashes and is not very stable, which is why you shouldn't be afraid to tinker with it.
For the advanced user, the things this can do are limitless. I know of people who have it as an orbiter in their home media center, others use it to test networks.
With a little knowledge of how Linux works and the guts to break it, you can do many things. I installed OpenOffice on it, and combined with a roll-up USB keyboard it's an ultra-portable workstation.
The Android it comes with (1.6) is not very good, but there are tutorials for installing better versions of Android (Official 2.1 and unofficial custom mods) that greatly improve the capabilities.
Again, this is a device with an active community, always ready to help, and generally nice people. http://www.smartqmid.com/wordpress/

Bottomline: If you're an experienced Linux user and are looking for something to play around with as much as use efficiently, this is the device for you.
If you want something that will work perfectly out out of the box, get something else.
However, remember, at this price, you won't find anything even close to as good as this.
I suggest buying several screen protectors to go with this, as well as the travel pouch.

Pros: - Big screen
- Aint to big compared to the screen
- Feels good in your hands
- Good build quality
- 3 OS's (Linux, Android and WinCE)
- HD output
- Comes with word, excel and powerpoint viewers

Cons: - Maybe a bit expensive, but i think it is worth it
- Hard to set language
- Speakers could have been better

Other Thoughts: The language may be a bit hard to set to english. At the Android OS you have to go deep into settings, and in Linux it isnt to hard, but in WinCE you would have to download a new firmware from their websites and then updating it yourself. check here for some help: http://www.smartqmid.com/phpBB3/index.php

Bottomline: Bottomline, i would recommend this. It is a nice device that runs smoothly (bit slow on linux). You can install software like Audacity, Gimp etc. (Linux)
And yes, you can watch youtube!

Pros: -it actually can play 1080P HD video without any problems whatsoever
-new firmware updates are regularly produced
-three OS's, allows for the best of linux and windows
-tvout has been improved in recent firmware updates and works almost flawlessly
-awesome battery life
-great company support
-

Cons: -not for the average pc user, you need knowledge of linux and windows ce to get the most out of this device
-takes forever to charge the battery
-there isnt much software that is compatible with this device because of all the firmware modifications smartdevices has made
-needs more available software

Other Thoughts: -better software compatablity

Bottomline: -great for the above-average user
-very low cost device