I've been playing with SDR for a while now. Firstly using Softrocks but now I have moved on to my own concoctions. Here is a video of Rocky software receiving some two metre beacons via my two metre hardware. This was taken under flat band conditions. I'm not saying it's more sensitive than a conventional radio but what a great way to check conditions!
Sorry about the low volume.
The Two Metre SDR hardware consists of two Minicircuits ADE1 smd diode ring mixers, a resistive power divider and low pass filter phase shifter, a couple of op-amps and sdr-kits.net wonderful usb snyth. It will also transmit. At the moment, August 2010, I can get about a watt or so out of the hardware and use this to drive a Mirage amplifier to 50 watts.

The hardware has been up and running for over a year now and DX has been worked on tropo and Sporadic E. The spectrum display of nearly 100kHz is really a great advantage during an E's opening as you are able to spot new DX stations as soon as the appear on the band.
It is simple really little more than a transverter thanks to sdr-kits synth.
This is based on the design by WB6DHW. I purchased a board from David, placed the mixer and flip-flops on it but the rest of the hardware is external to that board. A small 20W PA with band pass filtering allows operation on HF, Four Metres and Six.
It is all still work in progress.