I agree with most of what Huggy59 said, but I think he sounds a little too negative. Not that any of his negative points are wrong, I'm just not sure that the good stuff was emphasized enough.
I think a very, very important part of being satisfied with an Audrey is developing your own web pages on your own server. If you keep them fairly simple, you can get an awful lot of control and information without noticing that it's particularly slow. You just won't get the flashy displays that people using higher-end devices ("real computers") are getting. I am quite happy with my Audreys. I use them for lighting control, entertainment (controlling BrowseAmp, for example), playing mp3s locally (sometimes, using PhJuke running on the Audrey directly), and getting information from HomeSeer (logs of caller id, security (which doors opened when), weather, etc.).
For things like weather, I created my own pages and only go out to the internet for content. I also get my own local data (from my own instruments) to display.
None of my screens are very exciting, but they all get the job done very well. Just don't expect to impress people who have seen fancier displays.
I do agree that the form factor leaves something to be desired. You can paint them, though, so at least you can do something. I'm sure they can be removed from the cases and repackaged - but I've never gotten around to doing that.
One thing I think you should watch is which image you use. I've found that I'm happiest with something very close to the stock image. In fact, most of my Audreys are just running the original hacked image (the one that allowed us to do any of what we are doing now). The other images, with many extra features or with overridden applications, tend to be the ones that have memory problems. You will find people have set their systems up to reboot the Audreys once a day to clear up problems. I don't need to do that. My Audreys run for months at a time with no problems. Very rarely, I will reboot one manually.
My biggest problem with the Audreys right now is plugging them in. I have a couple offline right now because I needed the outlets they were plugged into. I've managed to live without them because I still have my favorite home automation interface available - the x10 PalmPad.