Just one question.

Can it play my lossless 1080p blu ray rips?

Got my Pi ready to go last night. First test was The Empire Strikes back, a 720p rip and it worked great. After I was happy with that I ramped up to Monsters Inc. in 1080p. Probably not lossless but it spent 5-10 seconds loading and didn't miss a beat. Pretty happy considering I spent $50 on the Pi versus the $500 I was looking to spend on a small PC in the lounge.

It will probably depend on if you have a DTS receiver that you can do passthrough with; if you do not then it may struggle or have to get a transcoded stream due to the audio (this is a licensing issue that the PI foundation are trying to change).

Do I have to use the in app menu or can I play content on it via my phone like I do with the other plex clients?

you can of course use the ios client to start playing on the rasperry :)

Sold! Sign me up for 10. Been looking for a "plex box" for my dumb tv's but they all either cost a ton, can't do 1080p or don't have a native plex app. Roku is not sold here so thats out of the question.

Can't wait to get my plexpi!