DPS, the 'crappy' version is crappy in the sense that it doesn't have any of the additional features - you get DVD and CD, and nothing else. In addition, it reportedly has trouble with some dual layer DVD's.
I'm extremely happy with this thing. Yeah, the menu's and setup options aren't as good as I've seen on some of the more expensive players, and it doesn't have such nifty things as Dolby Digital sound decoding built in etc..... but for the price, it's excellent. I already have a receiver that does dolby surround etc, so I just ran the audio through the receiver and it works fine.
I've tried every kind of DVD I could get my hands on to see if there would be any problems, but so far haven't found any. Unfortunately, I don't have a large DVD collection (if it wasn't for this cheap deal I wouldn't have gotten a DVD player at all), so I'm not able to test some of the DVD's that cause problems on other players to see how they work on this model. Some of the MGM Bond DVD's supposedly cause all sorts of problems on many players, but I haven't had a chance to get my hands on those yet for testing.
As for the subtitles defaulting to the 'on' position, it's my understanding that the M model does not have that problem, only the "non-M". Mine doesn't have that problem, I was able to go into the setup and set the captioning/subtitles on or off without a hitch.