Just got the update this morning.
Prices are a bit much, but not too far off what you'd pay on iTunes.
I've only played with a few of the previews, but so far quality is stunning. Iron Man preview looks gorgeous.
WiFi or 4G only, but playback is buttery smooth, and I haven't had any issues with buffering over either.
Got it up and running with the new update. Content is pretty sad...not much to look at yet. I don't see the prices as outrageous as you can use up to 5 devices but I'm not sure how much I'll really use it. Trailer quality did look superb.
One question though...is it streaming only once you buy something or does it actually download to your device. This makes a big difference related to pricing. The time I would want to watch a movie or tv show on my phone is most likely a time where service is unavailable or poor.
I rented a movie just to see how it worked and the quality of the video is incredible! After using this I just don't see the need for a tablet. A laptop and the epic is perfect....(oh, and my triple 24" displays in my office!) :-)