I thought about putting this in the DIY forum but mostly it's about a modded new source, so here it is. Full credit goes to Brain Donegan (of Twisted Pear Audio) who showed me one of these when I was at his house picking up some other parts. He also pointed me to the thread at DIY Audio where some guys had figured out a nifty little mod for the units, more on that in a minute.
In stock form this is essentially a poor man's Squeezebox. It's setup to work with a MusicMatch library file and allows you to stream mp3's from your PC wirelessly and connect it to your amplification device of choice via the unit's analog outputs. Not all that special until you factor in three key points, one, that these things can still be had for around $60 if you hunt a bit (at least that's what I found the two I bought for), two, that they can be quickly modded to have an optical digital output and three, that with a piece of software called tversity that will transcode your lossless files so that they can be streamed via the SMC. So, for about $70 (including the parts for the optical mod) I've now got a second wireless source that'll do lossless, not that I need two but I wanted to have a trial run before modding Ian's. I'll probably end up selling this unit at some point or modding it further, who knows...