John P. Falcone of CNET reviewed the Slingbox on June 30th, 2005, and gave it a 7.2 out of 10. Why the demerit? Here's an excerpt from the review, but you'll have to read the whole thing for the full scoop:

While the blocky video quality was nothing to write home about--especially when expanded from the small 320x240 window to full-screen--it maintained an impressively smooth frame rate. The video remained smoothest when we were passively watching. When we tried channel-surfing, the video hiccuped and stuttered before reoptimizing, although the actual lag between channel flips was minimal.

Read CNET's Full Review