Pros: Works as advertised NO SPEAKER WIRES! Great sound
Cons: Extra subwoofer required Not ear-bleedingly loud

I just got mine delivered today - unpacked it, plugged it into my DirecTV receiver and plugged in a subwoofer (Sony SA-W700, which is a GREAT sub, especially for the price) and it was ready to go. The surround effects, amazingly, actually work as good as Yamaha claims. Just playing with the different effects, I can actually hear the left and right rear speakers as if they're behind me.

I DO have a fairly square room, but I sit off to one side, and the effects still work, though not as completely as when you're directly in front of the unit.

My goal in purchasing the YSP-1000 was to have a surround system without all of the wires everywhere, and that's exactly what it provides.