Hey I love my Slingbox. I got the very first one released the Singbox AV. There is now the HD versions and all of that but I don't have a need for that yet. Let me know if you have anymore questions.
The 360 controller D-pad is well known for being crappy. It's so bad people have made mods to fix it. Google around or search youtube for "how-to fix" videos like this: