I agree with you, it's a great phone, looks good and is the right size. I originally went smartphone because I wanted Tomtom so bought a Nokia 6260 (Symbian). It worked fine but was very sllooow (much slower than the SPL!). Then bought an SPV C500, SP5m and finally SPL. The processor is fairly slow but it's perfectly acceptable in operation. It's a bit disconcerting when the display lights up about 15 seconds before the text message tone comes on!
The ARM overclocker cuts down the dropped TCPMP frames but watching vids while the phone swaps cells or gets a text causes the video to freeze which never happened on the SP5m.
I agree the USB socket is a bit flakey but it's great the phones is dustproof and sort of water resistant as a result. The SP5m suffered dodgy joystick due to dust under it after a fairly short period of time. Whilst I did occasionally use wifi with the SP5m it's not as essential as I thought it'd be. The small screen size means you only want to do essential stuff anyhow, though I did use Skype from a free hotel wifi which saved me a fortune. I use bluetooth to sync emails and calendar, have used the web on it but then if you're on bluetooth you've got a proper PC and screen nearby!
I used the modaco CAB to setup the O2 GPRS settings on this and the other phones no problems at all. I believe the SPL also has an in-built app to setup these things as part of the software installed post firmware-update.
My downsides (in addition to processor speed though it's not tooo painful in normal use)
Battery life - my office has poor reception and it chews 2 bars during a 12 hour shift so needs charging every night
Volume on headphones - very low, lower than SP5m, no reason for this, the speaker is very loud
Sometimes doesn't switch profiles to headset, requires a reboot to cure
Like all the smartphones I've had, this is the best one yet