Pros Image quality is excellent, super easy to set up, comes with a long and a short HDMI cable, line of sight not required (for distances < 5m, 5+ not tested)
Cons Need power outlets, receiver does make a bit of noise
Summary I live in a condo and have the computer in the guest room (PS3 is actually plugged into the 22" computer monitor). The only TV is in the living room and we don't have a Blu-Ray player. The Wicast now allows me to easily stream content from either my computer or my PS3 to the main room and the image quality looks great with no noticeable lag.
Caveats: Distance isn't a factor since I'm in a condo (receiver / transmitter probably max 5m apart) but the fact that I don't need line of sight is perfect. There is a bit of a hassle unplugging the transmitter from one source to the other, but I knew that going in.