I've had mine for a few weeks and found it cheaper than on Amazon, but since Amazon is the go-to place for reviews, I'm writing this one.
This little device is just the thing for iPad owners -- or other mobile devices. It allows you to insert a USB memory stick and make the contents available wirelessly to about 8 clients. USB devices can't be plugged in to iPads or many other mobile devices, so this is the missing link. It's small and light and well-enough made (a little cheap feeling, but not bad). It has a built-in battery lasting about 8 hours, I think, and it can be charged while a memory stick is inserted and being shared.
The best part is that the inventor clearly has thought things through and is keen to get it right. The latest firmware update (version 12, I think) allows you to stay connected to your normal wifi network and simply have CloudFTP join that network -- so you can get to your files without losing connectivity to the rest of the world. Or, the device will create its own wireless network for accessing files when no wifi network is available for it to join (or if you want it that way). It does more, too, but that's all I really wanted it for. The instructions are available on the product's website. Note that instructions for firmware upgrades are a little garbled, but basically you need to have an empty, formatted memory stick, then transfer the upgrade files to it, then plug it in to CloudFTP -- then it will work.
There's a web app to access files on a memory stick inserted into CloudFTP. This is perfectly functional and has some nice features (and easy connectivity: just enter the IP address shown on the device into the browser address bar). But it's a little rough around the edges. The developer admits this and says native apps are on their way. In the mean time, having tried many, I think FileBrowser is best for streaming and GoodReader is best for downloading. Both make it easy to connect to the device. I think all you have to do is enter the IP address of CloudFTP, which is displayed on the LED screen.
CloudFTP is great for allowing multiple people to stream movies or whatever from a memory stick -- or even upload files to it. So it's great for travelling with the family or, I suppose, sharing stuff in a high-tech meeting -- but I reckon the former will be a much more common scenario.
This is a device well worth getting. It solves the problem of limited space on mobile devices, especially while travelling. Cloud storage is great, but having immediate access to large files on a memory stick without needing an internet connection is compelling, and CloudFTP makes that possible.