I got my 5X Pro in the mail today, way ahead of what I was expecting! I did some preliminary testing of the 540p mode on my 40XBR800. Only a couple of pics right now, and they aren't very good, but are mainly to show some of the quirks I noticed. I'll probably be up all night playing with this and trying as many systems as I can!
So first off I want to say the 540p mode displays on my particular set. This model tv has DVI, so I use transcoders for both this input and compnent. My results were exactly the same for both inputs tested, except I could see a scrambled image for unsupported resolutions on the component input wheras DVI simply had a blank screen. I assume this has to to with analog vs. digital.
When set to 540p, I was able to get full vertical without any service menu adjustments other than Vol. 2's recommended JUMP setting. If you set the 5x sampling to 16:9 generic, it will fill the horizontal as well and you'll get a full screen image as a result. These were the easiest adjustments to get a 540p image in a full screen. The downside is that you get uneven horizontal spacing using this method. Its close, but I noticed it while running the color bleed check in 240p test suite:
When sampling is set to 4:3 generic, the spacing is perfect:
However, I was unable to get a full stretch to my display using HSIZ and HPOS. I can probably use a few other adjustments in there and get it closer to full screen though. I'm wondering if some sort of 540p horizontal sampling could correct this, as it would make using this mode extremely easy for anyone, requiring only 1 SM toggle of JUMP. this would allow the HDCRT to be used for other sources as well without needing to stretch the screen constantly, at least for Sony HDCRTs. I know the sample size is too small right now to assume these are typical results, though. It could just be my tv.
As another note, the other sampling modes did not give me good results, so I stuck with generic.
Here are 2 more comparison shots, the first is with 16:9 generic, the 2nd is 4:3 and stretched as far as I could using only HSIZ and HPOS (maxes at 63). It is very close. Again I apologize for the poor quality:

You'll notice in these photos I do not have scanlines enabled. The reason is that when enabled, I got extreme flickering/strobing effect which made the scanlines unusable. This did not occur when set to 480p mode, however. I got nice scanlines with no flicker and a full screen, perfectly scaled image in 480p. Not sure why this was the case with my set and not Josh's, I'm wondering if it is actually outputting as 1080i as it states in the service menu? Would love to hear more thoughts on this. Unfortunately I was unable to capture this in pictures or the short video clip I recorded.
As for lag, unfortunately I do not have a Time Sleuth, so all I can go by is the 240p suite. I haven't connected 2 displays to compare and only went by the obviously unreliable manual lag test. In those tests I got about a half frame better result compared to 480p.
Some more thoughts/requests for the 5x pro:
The design is really nice, I like the ease of use and gives me a more compatible picture than the OSSC. I'm looking forward to testing on my 1080p lcd as well to see how nice it can look there, as I have never been able to do better than 3x with the OSSC. Right now I do like the OSSC's scanline options a little more, and its reverse LPF for my Super Famicom, but other than that so far I prefer the 5x.
I also got the remote overlay from RetroLabs and highly recommend it! Ordered mine ahead so I'd have it when I finally bought a 5x.
Don't know how possible it would be as a feature request, but would be nice to move the OSD or have it positioned closer to the center of the screen, especially with this 540p mode and setting overscan you lose a lot of the OSD. The same would be true of the lightgun border, if there could be a way to increase size to make it visible in this mode we could see use of the Sinden lightgun on HDCRTs some day. I don't own one but just thinking into the future. I'm sure Mike Chi has already thought of these as well, and its not like this 540p mode is the main focus of the 5x so I'm definitely not complaining.
I plan to post some more pics too sometime this week. Thanks again Mike for putting out a great product, as well as supporting your userbase and their crazy demands!