Everybody thought the first announcement was a joke.
Then we read about the price and confirmed it.
The Neo Geo X, a new 'retro' portable, straddles the fence between so many sides it would walk bow-legged. It is a sleek, modern, savvy looking machine, designed to only play games from ten to twenty years ago. It is technically an official SNK (Playmore) product, yet its guts run an emulator and roms. The 20 pre-loaded games included are widely available in compilations and downloads, yet preorders include Ninja Master's on an SD card, a title known for rarity. It is a handheld that, once placed in a slick looking docking station, becomes a console with HDMI and full sized arcade sticks.
With as many people this sets out to please (and for as many reasons, drives people away or worse, be apathetic to its existence) you'd think the thing was running for public office.
It is a system that some of us here at RFG are undoubtedly curious over, and while I'm not the guy to ask about for the technical stuff, I can at least share my thoughts after tinkering with it over the first day.
The Good:
Its pretty.
Despite having a more square form factor than most modern portables, I enjoy the 'feel' of the NGX more than the Vita, PSP, or DS line. Completely subjective, of course, but between the face button placement and responsiveness, general heft and of course, trademark clicky digital 'stick,' I'd play just about anything on this. The screen quality is not as sharp and vibrant as the Vita, but these classic Neo Geo games look great on it.
The games included:
...in a pleasant surprise, aren't all fighting games. No complaints about including Samurai Shodown II, KoF '95, Real Bout Fatal Fury, or of course Ninja Master's (more on that in a moment) but I was thrilled to have Puzzled, League Bowlijng, Last Resort, Nam-1975 and a variety of other genres represented. For being largely (and understandably) known as the '2D fighting machine', most Neo Geo games I enjoy aren't fighters. (Here's to hoping Nightmare in the Dark and Over Top show up in future SD cards.) Speaking of which:
SD card slot:
Could be what really pushes the worth of this system. New games are supposedly in the works to be released on cards, and the firmware could be updated with more features. Not to mention what hackers are already doing with it.
The arcade sticks:
Many hardcore NG fans are claiming these to be the best thing to come out of the NGX. They may be lightweight and not compatible with the older hardware, but the sticks feel solid, and the USB ports allow PC and PS3 compatibility. (of course, there are limits; trying to play the PS2 SNK compilation on a BC PS3 failed without the PS3 guide button.) Some folks are just ordering the sticks themselves.
Ninja Master's:
This helped the value of the package for me, since not only is the game tougher to track down than most AES games, but my brief time with it revealed one of my favorite old school fighters on a system known for old school fighters. The combat is fluid, animation better than average, move list decent, and it has enough originality that I want to keep at it. Its just really, really fun to play! I was impressed.
Bad:
Price. Obviously the first consideration, since many of us would drop a few bucks on this just for the novelty. True to its lineage, its one of the most expensive devices in its market for what you get. The $200 Gold LE package included the portable with a preset 20 games installed, the AES mockup docking station, one of those nifty arcade sticks, an AV composite cable and an HDMI cord (can't use a typical one, it has a small device adapter at one end.) The LE includes the SD card of Ninja Master's, which in my opinion greatly helps the value. Its a lot of stuff, and truth be told, if you never touch emulators and roms, it really is an impressive deal compared to other methods of playing some of these games. (Of course, if you don't mind downloading roms, especially on a PSP, this thing is about worthless to you.)
It comes with a lot, but there is no wifi/online capabilities, and the games are straight up roms of the AES versions (that's right, no changing most settings, adding credits, or rom tweaking. Good luck beating Nam-1975 on default credits.

) Considering what we're used to from previous SNK compilations, and the lack of online play, this definitely limits audience interests. The idea of keeping it retro is perhaps admirable, but if a gamer is hard core enough to want these limitations, chances are they already own real hardware and are less interested in a portable that plays locked roms.
Using it as a console:
Despite owning a, AES, CMVS, and NGCD, the idea that I could plug this puppy up to a big-screen via HDMI and use the new arcade sticks was a big selling point for me. That didn't work out very well. The HDMI out has no video options, and just looks terrible on the three HD TVs I tested. We're not talking about charming pixelation and low-res; we know what to expect there. No, the rampant screen tearing, washed out colors, and terrible, terrible lag means this is not the way to play these games. Big disappointment.
Using the composite cables on a SD TV yielded better results, with less (but still present) lag and screen tearing. Colors were better, but reds bled and the picture was overtly dark. Quick reads on forums proved others were finding the exact same issues. The tech-heads claim that these are from poor emulation and could be improved with a software update; lets hope. As it stands, don't buy the NGX as your method for playing these games on a TV.
The Ugly:
Its really tough to know how to feel about the NGX. As a portable, its fantastic, with a great feel, moderate (3-4 hour) battery life, nice screen, and some classics built right in. Using it as an HD console through the dock is an exercise in frustration and is not recommended, although playing on a SD TV was workable. As a gamer who rarely plays on downloaded roms, the NGX has me in mind, but since it is using roms itself but without the customization, it almost comes across as the worst of two worlds. The device takes about 30 seconds to boot up and a few seconds between loading games, a steadfast reminder of its Linux brains. The irony is that hackers are certainly going to blow this wide open with better firmware, customization, more games, and better features, but by then I could just hack my PSP and get similar results. I want to support the original hardware, but this is an interesting hybrid.
Am I glad I got this? Yeah! Not only am I a collector and Neo Geo fan, its just darn fun to play on. Getting it as a Christmas gift was perfect, as any buyer's remorse is negated, and I am very excited to see what games will be released in the future. As is, the twenty (one) games included mean even if I never get another game for it (or indeed, if no more are released) I still have a nice portable Neo Geo collection. And Ninja Master's is such an unexpected delight.
Should you get it?
...just know what you are getting into. Most can safely pass it by, some of us hardcore collectors will get a big kick out of it.
For what its worth, I already like it more than our Vita.