Presentation is above average, the finish feels quality and is a whole league above a standard memory stick, with a good "weight" behind it and a very solid feel, with no seams or obvious ways into it. The metal is around 2mm thick and does not dent easily.
Initial insertion: A new removable disk and a CD drive called Ironkey unlocker both appear under "my computer". Open the CD and click ironkey.exe, then the install process begins. Setup was quick and painless, just setting up a password and an online password (see note 1 below). Once done, the other removable disk becomes "Imation USB" and behaves like any other usb pen drive and it works fine in Windows 8. Transfer rates are very good - write was measured at around 22MB/s and read about 33MB/s for larger files. That's a very fast write speed and a well above average read speed. Overall I felt the stick performs very seamlessly, with only a very minor hassle overhead regarding the security.
Perhaps the stick takes security to one more level than it needs to be for the average user even in business, but if you're dead set on nobody ever having a chance of getting to your files, then this is the stick for you.
I felt that some more clarity could be offered than the product details give, so here's some more information about the functionality:
1 - On install, you are given an option of binding the stick to an online account, this will enable you to unlock it if you lose the password. This is done by setting a secret question/answer.
2 - The included software on the stick is exactly as follows: - User guide (literally a PDF file) - Mozilla Firefox (so you can surf and unplug, leaving behind no trace of your history) - Identity manager (this is a vault for passwords, it can automatically log you into websites securely, if you've ever used LastPass or similar, it works the same way but everything is stored on the stick) - Secure Backup (can be used to back any of the contents of the device to an encrypted file on your PC. Notably, when you do this, although the files ARE encrypted, you can see them all, folders, file names and all. The manual suggests zipping first, not a great workaround in my opinion).
3 - The self destruct is not configurable, it's 10 incorrect passwords and you can't seem to change it or turn it off. I checked extensively for these options and found nothing. Incidentally it DOES warn you after the 2nd incorrect login that your device will destruct after 8, 7, etc. logins.
4 - You can set the unlocker program to display a custom message. This could be useful as you could put a phone number or other info, increasing your chance of getting the device back.
5 - You are supposed to manually lock the device before removing it. The manual doesn't specify what happens if you don't, it simply says that you really must not remove it before locking. However, on testing this, I yanked the drive out without locking or removing, and on reinserting, it was locked and wouldn't let me in without a password.
6 - While the device is supported for win/mac/linux which is very good, it does not work in android as you can't run the software to unlock it. This will be the case for any other operating systems/embedded OS too, presumably including chromebooks. The official line is that imation is considering supporting "portable computing devices" as of a statement last updated 11 Sept 2013.