In case you had any doubt what MIDs are squaring up against, here's the first video demo of the production S5 in action that Viliv chose to send out. One of their testers has installed iTunes onto his modified Windows XP system and is calling the user experience similar to that of an iPod touch; obviously, though, this is the full iTunes software as you'd find on your desktop.
Video demo of iTunes on the S5 MID after the cut
As standard, the S5 will ship with Viliv's own 3D cube GUI which sits on top of Windows and makes it more friendly to finger-control. However since it's a full PC - albeit one running a relatively slow 1.33GHz Intel Z520 CPU - that means that once you get to a Windows desktop you can install pretty much whatever you like.
Viliv announced Korean, US and European pricing for the S5 MID earlier on today. If you're in the US you'll be able to pick one up from $649 (which includes WiFi, Bluetooth and GPS, though no integrated 3G) while the European price is €619, when it becomes available at the end of March.