I have one and I think it is great.
I almost never use my hydrometer anymore in pre-fermentation measurements.
Mine is ATC so it corrects itself for temperature variations.
That is another think why I like it so much. It does not matter at what temperature the must is, the refractometer will make the adjustments itself.
When you have a digital cam with a good macro feature you can even take pictures through the refractometer lens of the measurements you are doing. Great for adding to your winemaking log.
I used it frequently on my web-log for demonstrating certain aspects of winemaking. Most of the time when experimenting I use both the refractometer and the hydrometer. You can see some pictures of both meters in action here:
http://wijnmaker.blogspot.com/2009/02/basterdsuiker-brown-sugar.html
The pictures are taken with my old trusted Nikon Coolpix 2100 cam. Which has a great macro function.
I have tested my new Canon S110 cam and that is also capable of taking pics through the lens of the refactometer.
You can do alcohol calculations with a refractometer in a finished wine by using the formulas stated in this article:
http://makewine.com/winemaking/methods/alcohol/
And it is possible to keep record of fermentation with a refractometer if alcohol is already present but you will need a conversion chart or software which can be found here:
http://valleyvintner.com/Refrac_Hydro/Refract_Hydro.htm
Once when I find the time I have a major article on my web-log coming up on the refractometer. But I am still doing 'kitchen table' research on it.
Luc