It works, and that's about it. I haven't used it for all 3,000 strikes but so far it works. I don't like it that the sparks are so haphazardly flying around when you strike it, but they last long enough and as long as you keep it close to your tinder it'll work perfectly.
I am not a big fan of the tinder it comes prepackaged with, firstly because it really isn't very much (ran out of it in a few days of, well, being in the wild and constantly lighting fires) and also because I make my own waterproof tinder out of cotton, wax and vaseline (this way I don't have to worry too much about keeping them ultra dry). (Google "wax vaseline tinder")
Instead I use the tin box it comes with to store my tinder, and I have attached the magnesium bar and striker to my keys so I always have them with me.
The only negative thing would be the colour of the firesteel - being dark green it would be difficult to spot if it fell off on the ground in a forest in the night, which has happened with past firesteels - which, however, were bright orange and thus easily spotted.