I bought the first one, with the pedal-like receiver when it came out in January. I like it, I sure won't use analog ever again (I've been waiting for something like this) but it's not perfect. The range on mine is only 150 feet. The unit you pictured, the new rackmount is twice that though. I use a lot of distortion & found that it does add some hiss to the signal. I even sent it back for them to check out because they were skeptical but it was normal. I called them and the guy i talked to finally said some hiss is normal. at 117db dynamic range. He said it would have to be around 140-150 db for the hiss to be inaudible. Which I suppose as technology gets better and better could happen someday. If you don't use gobs of distortion I doubt you will hear anything.
Other than that, it's great. Easy to set up, no compression, no loss of bass. Price was right. Lectrosonics has a digital guitar wireless (IS400?) and the S/N is 105db and it's 3-4x the money! I can't imagine how bad the hiss is on that unit.