I've had this for a while now, but only just had a proper play with it recently. (I don't really often need a digital analyser, which is why I could never justify buying one before this one.) But I was having a problem I thought would be helped by looking at some timing traces, and so I got it all up and running to try it out.
In short, I am very pleased with it so far. The hardware really is capable of up to 200Mhz sampling, as advertised, although I was mostly playing with sampling rates between 20MHz - 100MHz. I was sampling on 6 channels (it's got 4 banks of 8 channels each, of which 2 banks are 5V tolerant, the rest are strictly 3v3.) If you need those to be 5V tolerant as well, you can buy a "wing" (like a shield) that provides the buffer for $15 or so. I've only got a single set of probes for one bank, so I'm limited to 8 channels at the moment anyway. But I can't see myself needing more than anytime soon.
But the thing that I'm really impressed with is the software (I'm using Logic Sniffer v0.94, 2010.). I'm not sure how it compares with similar offerings for proprietary products, but this is a pretty powerful interface (both simple and complex triggers of up to four levels, for example, built in protocol analysers), and fairly easy to come to grips with, even though the documentation for the latest version is a little thin on the ground. (I made do with reading documentation for earlier versions and sort of making educated guesses as what this or that new feature might do.) Maybe there is a nice up-to-date user manual somewhere, I just haven't found it. But my suspicion is that no-one has gotten around to writing one just because the interface really isn't that difficult to figure out anyway.
Anyway, in summary, for a casual user of a digital analyzer, this is a very good deal, I think.