I love it. A couple of weeks ago, I decided to record some stuff, having had zero experience with recording, and it was super simple to do.
I plugged in (in my case, I was doing guitar -> PodXT -> mixer -> Mac), created a "real instrument" track, and hit record. Usually, I'll have two tracks so I can do multiple takes and keep the best one up to that point. When I get a take that I can like, I can move it around or copy and paste it.
It has a simple sequencer and a nice library of drum tracks. You can set delay / reverb individually on each track. There's a curve editor for setting the individual track volumes and master volumes. It has a pitch / rhythm compensator for cleaning up sloppy takes.

It's all presented very nicely in a nice editor where you can drag stuff around and put it where you want. When you're done you can mix the whole thing down to an aiff.
It's just powerful enough to do anything a hobbiest like me wants to do and it's really nicely designed and easy to use. And it came free with my Mac! Woot.
It's not meant to be a professional tool, so I'm sure it's not enough for a lot of people around here. For me, it's perfect.