Comments from one of my Aussie friends:
Well, for an internet browser, opera works pretty well. It passes the Strong Bad and Youtube tests. The trial version doesn't allow you to add sites to your favourites list, and as of yet you seem unable to copy and paste text. Taking bets that the final version will allow you to transfer pisctures to the photo channel to be turned into puzzles?
Video compression is evident but barely noticable, in worst case the images looked slightly muddy or blurry, a little like the cutscenes for DS games.
Also, the zoom feature seems almost ideal to get a closeup of the youtube window showing what's playing without having to click and load the fullscreen version.
EDIT~ Forgot to mention a few points.
The built-in address bar equivalent passes the one-word test, allowing you to merely type in "google" or "vgcats" etc to have the browser fill in the rest for you. The speaker on the wiimote makes some standard internetty sounds like the click of a keyboard button when you enter letters or press a button on a page. It's a cute touch.
It also comes with a handy popup blocker, but in doing so eliminates the possibility of stuff like newgrounds, or accessing AIM or MSN's internet browser versions.