Well, I was one of the lucky ones to get one of the REV1 devices, which arrived on Tuesday.
Let me just say, the quality of Ben's work is excellent. The finish of the remote is great, it looks professional and in 90% of installs this would be hidden anyway.

I'm using the IR4PS3 with a Pronto 7500 via an RFX6500 RF station, and after using Daniel's PCF (Thanks very much for that!!) and integrating it, by time the modified remote arrived, i literally just plugged it in and was working out of the box.

After an initial play, I ran through Ben's setup instructions and used the Custom1 codeset, and programmed the IR4PS3 to only accept "POWERON" code as an instruction to power on (normally any button press will turn the unit on). The logic in Ben's unit handled this beautifully so I now effectively have discrete on and off (albeit via more macro like logic in Ben's "POWEROFF" code)

Like Daniel said in his great review, response time is indistinguishable from from the original Bluetooth, even with the extra magic taking place, and I too was unable to trip the IR4PS3 up despite punching repeated fast commands.

Overall, I can not thank Ben enough for his hardwork and ingenuity not to mention the great support he has provided for it. I honestly cannot recommend the IR4PS3 highly enough...