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The gameloader works fine, but your games are trapped on the hard drive. Also, you can play copies. Everything you rip to the drive has to be off an original disc.
You can't download "homebrew" software and play it off a dvd-+R.
I just checked again and there is actually now a seller selling them for $26.99 plus $3.50 shipping, thats alot better than before when it was $32 and $10 for shipping.