I'm not sure you can beat this unit for the price. Blu-ray playback appears to work really well. Netflix looks VERY nice. I have my TV connected to my PC through an HDMI cable, so before buying this unit, I'd just open up a browser window on the TV as if it was a 2nd monitor. But the difference between that method and using the dedicated Netflix app on this player was night and day. The picture quality is truly HD. I'm very pleased.
So why the deduction of a star? The menus on this player are cumbersome, clunky, slow, and non-intuitive. It seems to me that things could have been designed so much more simply. This is, after all, a simple blu-ray player vs. the rest of the LG lineup. Now that I've figured out how to navigate, I just have to contend with the slowness, aka red spinny loading wheel of death. That complaint aside, this product is well worth the money.
Update - 8/16/12 - As other reviewers have pointed out, this player does not support Amazon Prime Instant Video. I don't use the service so it wasn't a factor in my purchase decision, but I did find this LG response on their website to a customer: "Amazon is not available on this player, nor on any of our Smart TV products this year. This was a determination made by Amazon. We have no indication of when or if this app will be allowed for our products."