Just bought this product after spending quite some time researching into compact camcorders. For the price,this is definitely the best on the market. Although many people think its all about the FLIP ultra, it really isn't. In comparison, the FLIP is very basic and very bulky. This is about the same size as a smartphone, slightly heavier, it has a night mode, which is a massive bonus - it automatically detects a dark situation and prompts you to use the flash type thing! You can also take photos with it, should you so wish.
The tripod is very handy, as you might want a self portrait of some sort. Also, there is a USB extension cable so you're not actually plugging the USB contained on the camera straight into the PC, which is what you have to do with the FLIP, and that made it feel like the weight of the camera was going to break the USB off at some points.
It's very easy to download, plug and play. There is some kind of software that comes with it, but if you're used to using memory sticks and external hard drives, you could treat this the same for ease of use. Of course, if you wish to edit photos and film etc, it is worth using the software.
finally, the memory itself is small, so would strongly suggest you purchase a memory card - and I would recommend SDHC at least 8GB for good quality as well as amount you can record.