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This works decently for movies, but really sucks for tv-show type content.

How so?

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How well do things like fast forwarding work? Any Sync issues?

Works fine. I've not noticed any sync issues at all.

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Once you begin playing an IFO or a VOB can you then select audio tracks?

Yes. You can do all the normal DVD ops e.g. subtitles, audio, alternate angles (I assume this one works. Not got anything that supports it). Just not the menu.