Some say it'll do QPEL - some say it won't. I don't know to be honest.
Region hack, proper pal/ntsc conversion, there's a HD 1080i verions of it on the market under a different model number, Better remote than 642, flimsier tray.
If you don't have a 642 this looks a bit better. If you do I don't think it warrents upgrading esp b/c (as you note) more models are arriving with divx (brand name and generic) and these units will have break out features like USB inputs and NES game rom support.