Hoya are a good brand and this item is consistent with their other lines. It's of reasonable build quality and produces a nice polarising effect. I find the outer ring spins round a little too easily. Also, as someone else has mentioned, it's not great with the Canon EF-S 10-22mm f/3.5-4.5 USM Lens
since at 10mm it produces substantial vignetting. I too have upgraded after for this reason alone. It was great while I was starting out but you get what you pay for. It also, over time, seemed to develop tiny cracks in the glass, mainly around the edges which didn't produce any noticeable effect but they were still there. This must have been from the cutting process and rattling around in my bag since I never dropped it.
So, worth it if you're starting out and/or don't really anticipate your photography taking you anywhere. For those that do I recommend shelling out for a professional filter from the start. They last forever. In this case I would recommend the Hoya 77mm HD Digital PL-CIR Filter as they're thin, indestructable and very nice to work with. Any of the HD Digital range are fantastic.