Conclusion: For TV owners, the BDP-S470 is a solid Blu-ray player. It has a slick and reasonably fast operation, tons of streaming options, and has a tiny attractive form factor. The prices I've seen on Amazon also show it to be a great deal. But if you have a projector... skip it.
Pros: Excellent interface and ease of use, Tons of streaming options, Crazy slim form factor
Cons: Silence is not the best audio option with projectors, Forced registration with Sony for any streaming option