I started using it today. Was a little hectic to get the software but i can say that is worth the wait..
Ripped batman begins hd-dvd into the computer. Ran the emulator on my 360 accessed the movie ripped folder and the movie played flawlessly.
All the features from hd-dvd worked. I went thru every feature on the hd-dvd worked very good.
I'm ripping my transformers hd-dvd movie to the computer and will test it out in while.
This is what i'm using:
a) Anydvd 6.3.15 to rip the movie in to the PC harddrive

Configure the new content in the emulator (yes you have to configure the specific folder the movie is located and enter the user::password like a samba server.)
c) Network is thru cable. Haven't tested with a wireless pc or wireless adapter yet.
d) The PC i'm running as the server is not powerfull i mean AMD sempron 2600+ 1.84 Ghz with 512 ram.
The only downside is space. I find it really cool that you can run the movie like if it were from hd-dvd drive. But definetly space will be an issue. Batman alone was 25gb. Man who would have though that a movie was gonna take 25gb!!!!!