I've waited a couple of months to review this, as I wanted to give it a long-term test first. I've used the monitor for about two months now, and overall am very happy with it.
Reception: No problems. I have the camera upstairs and to the left and use the monitor downstairs. The monitor picks up the signal quickly, and I've never had a problem with interference, even while using a wireless network and cordless phones.
Picture: Good. Night vision works well.
Sound: Excellent. Despite what other reviews here have said, I've never had a problem with the unit not picking up cries or noises. There is also a visual display that shows the noise intensity if you are hard of hearing.
Features: I like using the lullabies and the ability to control them from the monitor unit. Although you can hear them on the monitor, and the choice of five can become repetitive very quickly.
Battery life: So far, I've had no problems, although I only tend to use the system for maybe an hour or two at a time.
Communication: This is the one flaw in the system. There is a talk button on the monitor unit that allows you to speak through a speaker in the camera. However, it sounds like a public address system - it is very, very loud, and there is no volume control feature. It is more likely to frighten your child than to reassure them. If this could be fixed, it would be a five star review. As it stands, I'm giving it four stars.