Count me amount the press Enter/Select camp. This is how every other device I own does OSD and it is very hard to break. Please enable this as an option.
I don't have a strong opinion one way or the other on the "arrows to activate" versus "enter to activate and then arrows to control" system. With the exception, of course, of the "scrub bar" part of the OSD (advancing and rewinding content), though I don't think anyone meant to include that.
However, I would say that I would prefer consistency. If the current system is bad, it is bad, so change it, don't add an option. Then I end up with some machines that work one way and others that work another, and it ends up being more difficult for us all to help support people on the main board.
It does seem like from these comments that maybe, after using it a bit, there is a consensus building that requiring "enter" to activate a particular OSD item would be more user friendly, even if it sacrifices some convenience.
As far as configuring the order... That's also fine, but I'd probably never use it. Again, if the order is bad, maybe we can come up with a better one.