I've used IT and several like it... They all work as well as can be expected... I think two of the major tricks in using these SUCCESSFULLY are:
1) Start beefing up the arm that's going to wield it because you will need endurance if a particular shot is going to go over a minute. Additionally, make sure your arm is sufficiently rested before negotiating a new shot.
2) Don't move too fast... Learn how to glide along GRACEFULLY. If you're going to use a stabilizer that utilizes your arm as the stabilizer, PRACTICE! A friend who uses one A LOT and gets amazing shots that rival a mechanical arm, practices with a full bucket of water... He attaches the end of a wooden jump-rope handle to the bucket handle... Fills with water about a quarter inch from the top -- then does three minute workouts while he watches the water level at all times. Sounds weird, I know but he praises this method and the stuff he shoots with one of these completely rivals that of a mechanical steadicam.
He even takes this rig out as a practice rig to get the lay of the land at the actual shooting location beforehand to see if there's anything he needs to be aware of -- location-wise.
All in all, these are decent if you're NOT going to have a ton of these kinds of shots in your movie... If you are going to use a lot of these kinds of shots, a stabilizer with a mechanized arm is always preferable.
I actually purchased one of the now defunct Magiqcams a few years ago and can definitely tell you it was worth the money... Unfortunately, it took over a year to get them to deliver the stabilizer and in the middle of the transaction, the guy who owned the company sold it and all the problems to the guy who actually built the damn things...
Having said that...
I also know 2 indie filmmakers who swear by this one made in India:
http://cgi.ebay.com/Magic-Kit-Flyca...ptZLH_DefaultDomain_0?_trksid=p3286.m20.l1116
Make note that I cannot vouch for them but I do have two buddies that bought this exact same rig and LOVE IT. Definitely more than worth the price and one of these guys ended up selling his for more than he paid for it after making his film.
According to both, they shipped on time and the quality was better than that of the BassonSteady made in South America. One of my buddies had purchased the BassonSteady for 3 times more money and the thing broke and cracked on set.
filmy