There's a great write-up of Microsoft's new external HD-DVD player ($199) over at PCperspective.com today from a contributor who already owns a dedicated HD-DVD player. He provides a step-by-step photo guide to getting it up and running on both the X360 and your PC (so long as you have compatible video card) and seems very impressed, especially considering the price.
I'm definitely waiting out the next-gen movie format wars for the time being, but it's good to hear such praise for the HD-DVD player. Now we just need more movies to watch on it. Read about it here.