Pros: Good shave, good trimmer, good feel in hand, light weight.
Cons: Should shave even better, battery dies without warning.
***UPDATE 16 June 2012: Several days ago, this shaver's battery died for good, and rather suddenly at that. Now the battery barely makes it through one shave. This is very disappointing for a shaver that is only one year and 10 months old, and has been very well cared for. Moreover, the battery is not user-replaceable, so I'll have to buy a new one... probably a Braun.***
I bought this shaver to replace my 5-year-old Philips HQ7830. Yes, this 8240 is a pretty good shaver. Compared to other shavers I've had in the past (Remington, Panasonic, Braun), it gives a reasonably smooth shave and has a good trimmer. It is fairly light and is comfortable to hold and maneuver. It is also much quieter than the old Philips it replaces.
However, this new shaver disappoints me in several ways: In careful side-by-side tests over a month, the new shaver with its fancy three-ring heads shaved me no better than the old one's single-ring "7 Series" heads that are 2-1/2 years old. In fact, I think it might be pulling my skin a little bit more, and I seem to have more ingrown beard hairs than before.
Also, the new shaver's lithium-ion battery doesn't last as long as the old nickel-cadmium battery of the old shaver (which I maintained very carefully). Worse yet, the new shaver's battery dies very suddenly, without warning -- there's no battery level light or gauge, and only a barely perceptible slowdown in blade speed shortly before it stops. If you're not with your charger and near an outlet, you're out of luck.
The old shaver sealed the motor spindles from water, so you could rinse the shaver and shake it out. The new one channels water down past the motor spindles and through the shaver body, so it drips out the bottom around the charger plug contacts. I worry about a potential short circuit when plugging in the charger when the shaver is wet, and also that the interior channels might eventually clog with hair residue and mineral deposits if water dries inside the machine. I hope the usually careful Philips engineers have thought about these issues.
In summary, I would recommend this shaver to someone buying their first Philips. But if you have an old Philips, consider keeping it. A new one might be no better, and maybe even worse.