When I opened the box, my first thought was, "this is a perfect gift for a new SLR user." Its light, very light, simple, less dials and buttons to scare away newbies, it has a big friendly screen (2.5"), the screen has a friendly looking interface, and "online help".
On the touch a feel side, it feels plastic, because it is. Its not a heavy composite, it feel nice and light, balanced by the very light 18-55 lens. It feels very light too, with plastic rear mounts, its the kind of thing you wouldnt want to take on and off too often.
In my hands, refer pics (I have a 25cm handspan), its far too small. And I was cramped up around the shutter release button. I also missed the front dial, to adjust aperture. On this camera, its shutter or aperture on rear dial, then second function button to adjust the other. Which annoyed me, but I think this would be great for someone who needs less dials to complicate the learning process.
Battery door was weak, flimsy, and not somehting I would like to open and shut while balancing my kit, and in a hurry. Same goes for SD card door. However, I think for its target market, they are fine.
WHat I like the most, is the large bright screen, as a user, appears similar to my D200. If I ignore the small size, as I know my hands are large, the negative side for me may be that I understand it can only run new lenses, not old ones like the beast I have pictured.
In conclusion, I think its nice, and perfect for a beginner pack. Or as a partners camera, or a point and shoot carry with you lightweight camera.
I hope some find this useful. Please note, this was only a 30 minute review, so I know its brief, but thought it might be a starting point, to introduce the D40 from our point of view...
Back of D70s vs D40
Front of D200 vs D40
In the hand, note my little finger slips off, compared to the D70s
D40
D70s
The SD card door
It is dwarfed by the 28-70 "Beast"
And the user interface
More pics at my pbase...
http://www.pbase.com/oz_beachside/d40_review
) or even a 300 2.8 
