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I purchased this recently as a Bluray/DVD player. Basically the cheapest combo player I could find. I was suprised by the built-in web features.
It can connect to my network storage, my computer and has a built-in Netflix and Youtube app (amongst other apps).
Using the LG remote app I can connect my cellphone and use it as a smart remote if I don't want to use the simpler IR remote that comes with it.
Its downside is that it does not have wifi, only LAN. I had one of these however, so I set up the device as a repeater, having it broadcast my router's wifi which also converted the LAN into a output rather than an input. Boom wireless.
Overall, I was looking for an inexpensive blueray/dvd player and ended up getting much more.