This report assesses the research and science opportunities enabled by NEON data and resources at the Initial Observatory Capability (IOC) construction milestone in June 2015. Key findings include: only relatively simple science questions can be addressed at IOC, as is expected given the restricted spatial deployment of sites in initial operations. This also implies a limited number of data products that span a short period of time. Furthermore, the report suggests the need for transparency regarding scoping and technical changes, as well as continued focus on data quality assurance and validation.