Hi Simon,
We have a BeoSound 1 in our master bedroom, and we love it. We set it to wake us up to the radio or a CD every morning, and it is wonderful to awaken to nice, full, high-quality sound in the morning instead of the ugly beeping of most alarm clocks. The only few things more I could ask of this delicious product would be that the clock would stay on continuously instead of turning off after 10 seconds, and that the alarm clock function were a little more intuitive. But we have a nice wall clock, so it's not like we're suffering without the clock display on BS1. And the timer/alarm function isn't difficult, it's just not intuitive.
BeoSound 3 is a nice product, but it's not really intended to be a home music system for critical listening. Portability is one of the main ideas behind that unit (in addition, of course to a stunningly beautiful design). And because it's mono instead of stereo, you're right, it isn't as rich as a bigger music system.
Anyway, the BeoSound 1 is truly simple to use, and there aren't a lot of "hidden tricks" I can think of. We don't have a BeoSound 2, we've connected it to our iPod. Haven't run across any issues with that. Just do like the manual says, and turn the BS1 to standby before plugging in the iPod or any other external sound source. We always listen to our iPod at a quiet volume, but I've heard that if your iPod is up to full volume it can be really loud when you play it through BS1.
Speaking of volume, you'll see this in the manual, but you'll probably want to change the default volume, so that every time you turn it on after standby it will be at the volume you like. I've set our default volume to 42, which is good for our room.
When I first brought the BS1 home, there was a quiet standby whining sound at around 10 kHz. I brought it back to my dealer, and they said that's a known issue for this product. Apparently some BS1s were shipped with faulty transformers. They replaced the transformer for me, (free of charge of course, since it's still under warranty) and everything is perfect.
Good luck!
Aj