After a couple of years with Pinnacle Instant CD/DVD, I got this, and overall it's an improvement.
You need a powerful PC with an up-to-date graphics card, a fast processor, and loads of RAM (512 will cope, but more=better). Mine is a 1.9 ghz AMD, 1024 RAM and a nvidia 6600 card, just for the record.
For camcorder stuff it's slick. You need a firewire card and cable, but the editing is fairly straightforward, menu options are nice to look at (if you care), and you can get more onto the DVD than I used to be able to with my old software.
You can drag & drop bits of edited video around if you want to mess with the running order as well, jazz around with the sound (which is on a separate editing track, so it's quite easy to see what you're doing). And there are loads of effects in the retail version that are missing from the trial version (obviously) to fiddle with.
However, although it can handle multiple formats (mpg, wmf, divx, dx50, xvid, etc...), it gets very slow at the burn stage (7 hours later still making menus in one case!). Pretty slow loading up a half-done project too.
It appears you have to use the "share" option, turn the project into a mpeg file, then re-start the program, insert the new file into the "create disc" option, and go from there. Which is a bit fiddly. Having anything in the "edit" section slows things up a lot too.
Ulead have a fairly decent user forum system, and there are a few tutorials there which are helpful. It's a shame the creators themselves didn't anticipate this sort of problem and deal with it prior to launch.
I'd advise downloading the trial version from the Ulead website and testing it before buying the full thing, in case your PC can't handle it.