Arrived very quickly from placement of my order.
My first reflector and given the almost throw away price, my hopes weren't too high. Certainly at first use and feel I feared for the quality needlessly. Time will tell whether or not this is going to hold up to use, but right now I'll be buying another.
The reflector arrives in a small black bag, the quality here could be better but open that up and bring out the reflector and you'll soon see that the quality is good. Keep out of the way as you let it unfold as it opens with a snap. Next you'll realise actually how large this 42" version is. The frame has a good amount of rigidity enabling you to hold your camera and the reflector without being concerned that it'll bend away from your subject. Even better is to clamp it so something close by like a lightstand, tripod. Clamping...suggest cheap A clamps you'll find at B&Q which really are worth every penny.
Operationally, the 5 in 1 consists of one large disc and one zipped cover. The zipped cover is reversible and has Silver, Gold, Black and White all of which you'll use as reflectors. The 5th element is to take the cover off the disk leaving a translucent middle which you can put between a light source and your subject softening that light.
Time will tell if the covers hold up to constant unfolding and folding - some umbrellas begin to lose the covering. No big deal but if this were to happen a week from now I'd certainly revise my opinion. Nothing currently would suggest this will happen.
So, for £15 as of Feb 2012, it's a tool I can recommend.