Patriot Memory has released a new firmware update for the player (Ver.P02) adding support for ISO Video files. This means that you can playback DVD-Video and Blu-Ray discs. One major issue here is that the content must not be copy-protected but for sure, there are many "workarounds" for these issues available many years now :)
The DVD-Menus were working perfectly:
A Blu-Ray disc image also played just fine. However, as you can read over the PatriotMemory forums, an additional Bootcode update is required in order to get Blu-Ray menus working.