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Pros: Great combination of power, weight, and price
Battery life is fantastic
Excellent array of ports
Easy to work on
Runs remarkably cool
Build quality is good for the price (but not great)
Cons: A little bit of keyboard flex, but nothing you'd notice during normal typing.
No mSATA slot or SSD, and the HDD feels real slow. It would be nice if it came with an empty mSATA slot like similarly configured Acers, but, c'est la vie.
Other Thoughts: I replaced the HDD with a Crucial M500 240GB. It zips!
For $650, I can't say enough about the quality of the laptop. I don't think the screen is IPS (I could be wrong), but it's still pretty decent quality for what you're paying (especially compared to the TN's that Lenovo, MSI, and Razerblade are using).
This is basically the perfect laptop for a student, or anyone who's on a budget and wants the flexibility to do some gaming, but doesn't need the bells and whistles of the $1000+ Macbook-killer wannabes everyone is trying to market so hard right now.
I do really wish you could get it with a ULV i7; Asus lists the i7 as an option for this machine on their website, but Newegg is the only vendor that carries the X550LB, and they only carry these i5's. I don't need the screen resolution, higher-powered graphics, full voltage processor, or extra weight of the N550JV, nor do I need the V551LB's touchscreen (they're both a little too expensive, anyway). Hopefully Newegg or someone else will be able to get these with an i7 at some point.