Click here for Apple's Product Page
This product was recently revised to work as a stand-alone set-top box. Previously, you must have another PC/Mac in the house to work with it. In addition, the retail price had been slashed from US$299 (~S$450) to US$229 (~S$350).
So this makes it a little more attractive to have in the living room for viewing podcasts and other content from YouTube, Flickr, iTunes in HD and 5.1 sound.
Personally, I think Apple will continually improve this product (through automatic software upgrade) so that you get access to more and more on-line content.
The day when iTunes Movie Rental becomes available here, I shall run out to get it =]