I have it and I think its awesome. I'm thinking of getting that cargo protector though becuase the mud that falls off my bike. But thats got nothing to do with the rack.
I doesn't take up any space, I can easily fit two bikes, gear, front wheels, and my subwoofer in the width of the rear. The only annoying thing are the straps that tie it down. They are way too long and so I cut them (not so smart) and now the cut ends are frayed and hard to pull through the clips. But thats my fault anyways, and $5 would buy new straps at any hardware/department store.
If you bike a fair bit, absolutely worth the money. (although if you could buy it from someone here I couldn't see how a used one could be in any different condition from a new one since the whole setup is so durable.)
Hope that helps.