Not even good as a Boat Anchor yet.
Several calls to support have not yet resulted in a working ColorMunki. This thing was all the buzz at Photoshop World in Vegas. We can't get it to work with Windows Vista at all. Went out and bought a powered USB hub for it to no avail. Looks cool if we get it working. Maybe its just infant mortality. I am optimistic...the support people have seemed helpful. We will have a working Colormunki one day soon!!!

Don't take my Munki!
So far I'm thrilled with the paper profiles for my Epson R1800 that I've made with my Munki. They compare well to profiles that I paid for, although I haven't profiled those same papers yet to see how close they would be to each other.
I am still using a previously purchased profiling device for my monitor and I don't have a projector to profile, so I cannot comment on the Munki's ability to do those.
Maybe I didn't read the instructions closely enough, but I could not get the Munki working unless I had an active internet connection each time I make a profile.
I only gave it 4 stars, but I may change that to 5 in the future after using it for a while. Or maybe I'll downgrade it.....
I'm thrilled for now!

Great first step if you're trying to get accurate colors
I used to do "trial and error" color calibration...print a few things, adjust colors and so on. After a while, this got so frustrating (and expensive, due to the wasted prints) that I decided to take the plunge and buy a real calibration tool. No regrets...what I see on the monitor is much closer to what I print, and the whole calibration process (which I guess I was a little scared of) was no big deal. Just a few minutes every so often, and you've got dramatically better results. Highly recommended.

Two things I'm not thrilled with, though. One is that printer profiles don't seem to work properly with my Epson R2880 printer. The calibration process works, but when I try to use the calibrated results, prints come out splotchy and distorted. This might very well be some sort of problem with Epson's printer drivers, but for now, I'm stuck with standard profiles.

Other thing I'm not thrilled about is the license model Colormunki uses. I have a laptop and two desktop PCs, and my laptop gets connected to multiple monitors depending on whether I'm home, in the office or on the road. I can understand that Colormunki wants me to buy multiple copies of their product, but I didn't understand there was a limit to the number of PC/monitor combinations I could use with their product. I'm sure it was in the fine print somewhere, but it took me by surprise that I couldn't simply calibrate as many computers as I might want with a single copy of their product.

Finally! I have accurate prints!
I've been struggling with color profiles for years now, but I haven't been able to find a printer profiler for under two grand. Instead I've been using a monitor profiler (Eye-One) but still had to fiddle with multiple prints to get the color I wanted. This was annoying so I limited my printing to the occasional special print.

With Colormunki, my prints now accuratly match my screen - what a concept! I did have to debate with myself whether to take an expensive chance on this, but I am so happy I did.

The process could hardly have been easier, though it did take longer than I thought. The initial setup (downloading the software and installing) took about a half hour, and the printer profiling took about the same since you have to wait for the prints to dry. The monitor profiling was pretty quick. Ever since then - perfect color matching. I've profiled two different papers I use (Ilford Gallerie and HP Premium Plus Soft Gloss) and prints on both papers look fantastic.

I highly recommend the Colormunki!

Not for me
Purchased it because of excellent reviews - also anxious to do my own printer profiles. However, it doesn't handle CRT monitors and that wasn't made clear prior to purchase. I had to send it back. I use both a CRT and an LCD and of the two the CRT has the best color gamut.