The device works perfectly and was very easy to set up. It is extremely light and comes with a way to attach it to a keyring, though I think for now I'll keep it at home. As part of setting up the device, it generates a new random seed and you write down the 12 words into a booklet which comes with the device: that's your paper wallet. To make a payment you use the web app, and it asks you to confirm first the destination and then the amount+fee (so you press twice). The instructions are clear and simple at all times, and the performance is excellent - there are no long waits or other interruptions.
The web software still has a couple of minor bugs, but nothing that interferes with usage.
Version 1 of the system does not yet support BIP 70, so when you see a confirmation, it's for the raw Bitcoin address. Future releases are planned to support BIP 70 so you will see a more useful and harder to tamper with confirmation message that includes the name of who you are paying.
I was one of the first supporters of the TREZOR project and I'm happy to report that together stick, slush, Alina and the others at SatoshiLabs have actually exceeded my expectations
I'm very much looking forward to the device shipping.
