I've had one for a few months now and it is the business.
It really does open up your whole music collection and it has transformed the way we listen to music. We now listen to a lot more of our music rather than just to a few CDs that are lying about.
Big initial effort in ripping all your CDs, tape, MD etc. to hard drive and sorting out the tagging but once that's done you're sorted.
I would strongly recommend ripping with something like EAC (with AccurateRip) to a lossless format (such as FLAC). This will give you the most flexibility later on if you decide to transcode to another format.
Other good thing is being able to stream internet radio (with or without your server PC switched on). Native WMA decoding is coming in the next software/firmware release - due in the next few weeks.
Some people run the server software directly on a NAS so they don't need another PC switched on. I built a seperate, low power living room PC to run the software and have all my music stored on NAS devices. This way I can use the PC for other things like internet browsing on the tv, photo slideshows etc.
For more info check out the SlimDevices forums.
You know you wnat one!