High-quality automatic conversion between video standards (PAL/SECAM/NTSC and their variants),
Stereo recording and playback
Quasi SVHS playback

Built-in tuner does not decode off-air stereo signals

I've generally been very happy with this product, which I bought in the UK prior to moving to the US.
The playback and recording quality is excellent, as is the conversion between PAL and NTSC.
This VCR is part of a home theatre system, and I use a Yamaha DSP-A1 as the decoder. I've happily watched PAL movies with Dolby Pro-Logic soundtracks, as well as TV programmes recorded off-air.
The tracking is rather sensitive, and have have noticed that the audio suffers from noise on some tapes. This is particularly noticeable on PAL tapes that have been recorded in LP mode.
The biggest disadvantage of this product is the lack of a stereo tuner, so any US programmes I record are in mono using the in-built tuner. The lower-priced Aiwa machine does not suffer from this limitation.