I have one.
The only thing it's really good for is large patches of stockinette. Stockinette is superfast once you get the hang of it (which can take a while). You can do ribbing, cables, shaping, etc. But knitting slows down to a crawl when doing anything besides stockinette.
Stockinette doesn’t lend itself very well to afghans, so forget that idea. Also, to do anything much larger than a hat or a child's sweater, you will have to buy extension kits.
It comes with different needle plates for different size yarns, so it's pretty versatile in that way. Good for a beginner who wants to see immediate results. Great for quick hats!
I don't think the row counter would be all that helpful. If you do decide to buy the machine, wait on the row counter. Also, it's quite a bit less expensive to purchase the bond machine over the internet, rather than paying Michael's inflated prices.
And as for Jan's comment: It's not cheating, Jan. Trust me, you can make mistakes just as easily with the bond machine. As a matter of fact, it takes quite a bit of cursing to really get the hang of it.