First of all, read my review:
http://www.planetgamecube.com/reviews.cfm?action=hwprofile&id=606
Here's the deal with the Play-Yan. There are actually two versions of it. The original Play-Yan (which I reviewed) plays MP3 and a funky ASF file format. You can play super-mini games from the get-go, and MP4 files (same as the PSP) with a firmware upgrade. All of that stuff is available at NCL's website.
The Play-Yan Micro replaced the Play-Yan original. There are
some differences between the two, but they work the same for music and video. To answer question #4, the PY Micro doesn't play mini-games. (To be honest, they were so "mini" that you're really not losing anything with the Micro version.)
1. How's the video quality? Will I be able to watch movies and shows on it without feeling that I'm watching it on a loading GIF?
I use it mostly for watching anime, and it looks just fine. The video can run at 30fps, so as long as you encode it decently, it'll look pretty nice, despite the lower resolution. It's no PSP, but for the price and portability, you can't beat it.
2. Sound quality? Is the sound quality > or = to the ipod?
It sounds the same as every other MP3 player I've used. No noise or other audio problems that I could hear. Video audio is good too.
3. Where should I buy it? Play Asia has it for 69+4ship, is that a good price? How about ebay?
$70 is about what you're going to pay for it.
Lik-Sang has free shipping. Oh, we have a
$5 off coupon, too.
Alternatively, I still have the original Play-Yan model in my posession. (After I got my Micro, I was so impressed with the Micro + Play-Yan combo, I bought the Play-Yan Micro version.) I don't recommend using the old PY model with the GB Micro, but if you want it for like $30, I can sell it to you (or anyone) if you want a deal. [edit: Someone took me up on this offer already! No longer available.]
5. And finally, probably the oldest question in the book, is it going to be worth it?
I think so. If you have some decent sized SD cards around (which are not included, of course) it makes the price of it cheaper. I have a 256MB and a 1GB, and generally I can get about 1½ hours of video and three or four albums worth of MP3s on the gig, which is plenty for me.
I love mine.