I bought one about 2 months ago, and it was working great. Really fast and sleek, and you can store large video files on it and view them directly off it. You can even install applications on it and run off it directly as if it were an internal hard drive. The speed is amazing.
It is also really light and portable, so I can carry it along when I bring my laptop out. I am using this on a PC with Win XP, but I can just plug it in to my friend's Macbook and all the files are immediately accessible, no setup required. Really convenient.
However there is one big set back, and that is that this drive (hardly 2 months old) is now broken! It started making weird clicking sound, and then one day it just failed to read. It has died and died along with some of my backup files. So if you are planning to use this as a backup drive, I would recommend you get another backup to backup this as well..
Though this product is still under warranty, the tech support at Iomega Europe is unresponsive. It has been more than a week and there's still no response to the ticket I've raised. There is also no information on their website regarding how to get the drive repaired/replaced.