After owning this player for a couple of years and having to repair it multiple times, I'm confident in reviewing it now. If I understand correctly, the CLD-D502 is basically the same machine but with normal playback controls rather than the Karaoke controls.

Features:
Dual sided play (Alpha Turn Mechanism, although it isn't written on the player)
Plays LDs and CDs
Has pitch shifting functions in Karaoke mode
20 Chapter Select buttons on the top of the control panel

Pros:
It uses a relatively simple design, making most maintenance generally easy for beginners (see below about the power supply for the sole exception)
Picture quality is pretty good, as is audio
Relatively reliable design overall, with a couple of exceptions (see below)

Cons:
Having no jog or skip controls on the player aside from the 20 Chapter Select buttons can make watching movies with this a bit annoying at times if you don't have a remote
The reliance on the tray belt for A-B switching has made the belt fail twice in my ownership (this may just be from how battered my unit is, though, this may not be a constant issue on other units)
If the front panel has to be removed for maintenance, it's annoying (but not impossible) to realign the door with the little peg that actuates it
The power supply has a start up capacitor that tends to fail (1uF 200V), and removing the power supply is a bit tricky if you don't know how to do it (undoing the ribbon cable was tricky for me, as I've never encountered that style of connector before, although I did manage to undo it without breaking it)

Overall, this is a pretty average player in terms of playback. It's not fantastic, but it's definitely good, and far better than some players I've used. The karaoke functions are fun for a bit, but get boring pretty quick if you don't actually plan on using the machine for karaoke. If I had a choice between this and the CLD-D502 for the same price, I'd get the D502. (Then again, this was $5, so I can't really complain for that cost.)

Good write up. I like that you seem to approach LD ownership as a DIY hands on adventure. This is the reality of today.

If the belt failed multiple times in the two years you’ve owned the player something went wrong somewhere. That would make it the least reliable player ever which I’m pretty sure it isn’t.

Thanks! I got into LaserDisc fully expecting to have to repair players, especially with my budget for hardware
I got my first player with about 40 discs for $40 (it was a LaserActive Sony model). I tried to clean and maintain it, but determined the laser was failing, and I gave it to a local electronics store in the hopes that it'd help someone else fix their player someday. Less than a year later, I found this one locally at a Goodwill Outlet. It had been dumped into the large bin it was in, and made it out shockingly intact, considering how hard it looks to have been dropped. The tray still makes a grinding sound despite my efforts to make sure it's aligned and lubricated (if you know what I could check to fix it, let me know, it's not irritating enough to make a post about it, but I'd still like to fix it lol).
I've enjoyed fixing the players, even when it's difficult.

I figured that was the case, I'm hoping after a bit of extra maintenance, some cleaning, and a good quality belt, the slipping issues it tends to develop will cease. I've seen some other people need to replace the belts on players like this and the D502 after about 5 years, which still seems excessive, but given how much the belt has to move, I can't be too annoyed.

There are no Sony Laseractive players. There is only one, a Pioneer.

Oops, my mistake, I confused myself at some point a while back and thought all the LaserDisc players made for arcade games were called LaserActive. The actual LaserActive is much cooler than the Sony LDP-1450 I had
Now that I have the terminology a bit more correct, I actually have seen a LaserActive in person, it’s at the National Videogame Museum in Frisco, TX, I don’t think it was running though, I recall it being in a glass display. They have/had a little section dedicated to LaserDisc games, with a working Dragon’s Lair cabinet in the back.
I think I read at some point that the Sony was made for games like Dragon’s Lair II, but it’s been a while since I looked it up.

... and technically there's also the NEC PCE-LD1 but it's a Pioneer CLD-A100 clone.

Julien