I use it with DirecTV. Not much is going to help SD with them, it's pretty horrible. I like it with their HD though - didn't expect to see any difference, but it's subtly more involving to me ... a smoother more cohesive image (pro calibrated sammy plasma.) Most noticeable on good quality stuff like HBO scripted dramas, which usually have very nice photography. This as compared to letting the display do the scaling/deinterlacing. I'm sure it would look the same through he receiver, but then you have to deal with whatever lame setup issues they laid on top of the chip.
I use a Marantz SR7005 as an audio pre-pro and it has the same chip as the Edge Green. Difference is going to be implementation. If you're going to sell a box with the same chip as a receiver you better do something, so what you get is a bunch of settings you won't have on a receiver (don't know about a pure pre-pro.) One example with the 7005, if I'm reading the manual right, is you have to manually select 1080/24 every time you want it. That's stupid, and probably a Marantz thing, but with the Edge, no worries.
The way I run it, with video bypassing the receiver, you have to run a second HDMI to the display to have your OSD from the receiver - so you have to change inputs at display to see it. Seems odd at first, but once it's setup, not a big deal (maybe a bigger deal if you can't see the receiver/pre-pro since then you wouldn't have a realtime volume indicator.)
I'm sure someone could tell you what chip you have, they all have different characteristics, but they're mostly fine. The only thing that really differentiates them is upconverting DVD. It's nice though, with Direct's nice HD image, to be able to run native and let the Edge take care of everything.
Eve: I thought I was through getting involved with men who were trouble. Falling in love on a look. I can't look at you.
Mickey: You have perfection about you. Your eyes have music. Your heart's the best part of your body. And when you move, every man, woman and child is forced to watch.