It's a decent scaled solution.
I wasn't a fan when it came out. I promoted it even , then dropped promotion of it after about 6 weeks.
Things have improved since then. IP spread is a lot better, hosting speed, the number of portals for buying domains (or selling them)
Don't get me wrong, this isn't for everyone. To make the best use out of it you need a SHIT LOAD of content and the ability to simultaneously promote many sites at once, not to mention the ability to work to a plan.
I wouldn't use it for my main sites, but for anything even slightly sub prime, the price point means that scaling up is pretty painless.
Going into this just wanting to make 2 or 3 sites? Better off buying your own hosting.
Want to create 20, 30 50+? Then this might be for you as long as you know what you are getting in to.
Scritty