So I got it today! I have to say it's worth the $50 I paid ($45 after an employee discount actually) and then some. It really is as easy as they show it. So here's my little dealing with it tonight.
I went with the 4GB version because my wife had no interest in geotagging and no expectations for using a hotspot. This was nice because it saved me $50.
So after getting home I opened the package which gave simple instructions for Mac or PC. As you can see from the packaging, it's pretty obvious what you are to do.
Interestingly, the SDHC card you see in the package is just a sticker. The actual card ships in the reader. As you can see in the open package the card is already missing. I've got it in my wife's camera and it even took these pictures.
Anyway, so I put the card reader into the USB port with the card in it and opened the image in Finder. I opened the Start Here folder and found either PC or Mac. We happen to use Macs so I went to the Mac folder. Mounted the DMG and installed the software. Simple and easy. It imported my Airport settings once I told it which network to connect to. After creating an account the card was ready to use.
I put the card into my wife's camera and started snapping. We got some good pictures of the kids, but more importantly those images started appearing on my wife's MB immediately! Default setting is to put them into the Pictures folder but after rooting through the settings some I found where I could designate iPhoto to be the drop point.
I also enabled the Endless Memory Mode which is really cool. You tell it what percentage of the recent pictures to hold on the card and it clears the rest off after transferring it to the computer. I set it for 25% because this camera rarely leaves the house and when it does it's for short periods that the card doesn't have to be downloaded right away.
If my wife was willing to share the pictures with more people before going through them we could set it to put the images directly onto online services like Flickr and such. We don't use any of them at all now, we do all the sorting locally and then she'll post as she likes later. One option I've read about but didn't configure was FTP uploading. This could be very helpful for some of my stuff.
The only real drawback I've noticed is that you have to leave the software running on the computer if you want to have instant transfers. Otherwise the card will just hold them on station until you start the app on the PC. Also, you're required to run Adobe Air on your system. There isn't much in the way of documentation in the packaging so you're forced to just follow and trust the installer. A little more idea of what options are available to set up would be nice. I wouldn't be forced to root through the preferences app to configure the card. I'm sure it's online, but I didn't care to go to their website just to run my card. I can say I don't know of any other negatives at this point.
So my take after my wife gave me her impressions; this is so worth the $50 price tag the I wish I'd paid for it sooner.