I've not used it, but I was reading on another forum where a guy had used it and was fairly pleased with it. According to him, the sound was not fantastic, like the original LPs (of course, they lose quality over time), but at least he now had it on a CD instead of a record.
I've got several records that I would like to have on CD, but I don't have any record players anymore. At one time, I was recording them on cassette, but the old ways did not make for any quality sound.
Other than spending the money for the hardware, I have a lot of cassettes that I would like to have on CD. Of course, it would probably cost more to buy the individual CDs.
Dave 
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