I received my 770 on monday (they started selling them here in Europe last week). I haven't yet used the device to it's full potential but some early remarks.
It's lightweight and small, much smaller than e.g. Sony PSP. There are plenty of "mobile" devices that are bigger. The screen is absolutely stunning, high resolution that fine for real web experience and the landscape orientation is similar to the computer displays -- this is a first device of it's size I have seen you can actually use to surf the web properly.
It's relatively cheap, much cheaper than e.g. Nokia's high-end phones without subsidies. This is probably the reason for the little RAM and a bit slow CPU that you can occasional bump into. Various applications are sometimes slow, sometimes sluggish, sometimes reasonably fast. The browser is quite fine and compatible with most common technologies, including flash.
I have never been a fan of the smartphones and similar devices with small displays. The displays are too small for web pages and the mobile networks are just too slow, even 3G. I like the 770 approach where you can have wi-fi as the primary connectivity and mobile network, through bluetooth phone, as a backup.
I think the device has huge potential as soon as it gets more available and open source people start porting software to it and people start to discover the potential. I also hope that Nokia will continue to develop the unit with e.g. more memory and other features.
I have already used it several occasions just to surf the web, from toilet to bed. I think I will take the 770 with me for my next trip and use it as a internet/web tablet, not as a replacement for laptop PC or even a PDA but something to access the net when I need to.
If the open source community really kicks in and I can even start to develop scripts and other small pieces of code myself, I may even consider buying a few units to lay around in the house for needs like checking the weather or tv listings. Perhaps even to interface with home automation and the security system.
Definetly the most interesting product from Nokia for quite a long time, the phones have been rather boring recently (which is true with all the manufacturers).