I bought the 470 a couple weeks ago (T7400, 2GB RAM, 200GB HD, Cingular wireless). So far, I'm fairly impressed. It's light, thin, has all the features I need, and has very good battery life, especialy when you use the VAIO power management utility. I have not actually run my battery down completely, but I've seen where it's at about 75%, and the battery meter say there are more than 3 hours left. The meter constantly adapts to your current power draw, so don't be surprised if after booting up, the meter reports only 2 hours of power remaining.
I also purchased the docking station, which allows me to connect an external monitor when using the GF7400. I know there's a VGA connector on the 470 itself, but I haven't used it yet. I've seen some complaints about how the docking station works, but I have none. It has 3 USB 2.0 ports and a GigE port which are detected when you dock, similar to installing a PCMCIA card (PC-Card). It's nice having an external monitor, Gig Ethernet, keyboard and mouse on my desk, ready to use without having to connect all the cables as I previously did. My only complaint would be that it doesn't also have audio on the docking station, requiring use of USB speakers or something if you want audio as well.
My only complaints with the VAIO itself would be that it has a Cingular card and no Verizon option. I also don't care for the antenna that hangs of the side. It would have been better if it had been integrated into the screen or chassis, IMHO.
Of course, Vista Business still has some stability issues, but the features (especially if you upgrade to Ultimate) make up for the lack of stability, which you know MS will fix, and the fact that you have to find your way around again!