samuraigaiden: I got one. It's great. I'm having a lot of fun playing Adventure Island (NES) and Soul Blazer (SNES). I tried a bunch of the homebrew stuff too. The Tomb Raider port is impressive.
350 is great, I had opportunity to use it, but due to the fact that a bit later (a couple of months?) came 351, with more capabilities (emulating N64 quite well, even some Dreamcast games are working fine), I can't say that it's as much appealing as it was near release period.
Regarding emulation - cool thing is, that 351 can emulate fluently even such systems as Sega 32x (IIRC, it wasn't possible on 350).
But, I must admit that 350 has one big advantage - it seems to have higher quality firmware, because even "out of the box" I had literally zero issues with 350, while with 351 I had at some point change firmware (which is not that easy as I've thought).
Both models can use also DosBox, which is quite cool for GOG users (not all games are suitable for such devices, but many platform games are working fine).