Pros: Turns iPod into very good quality digital source
Cons: It is not a DAC - also need iPod and a DAC (or amp with one)
It does what it says in the advert, you can put an iPod on it and get direct digital output into a DAC of your choosing. But there is no analogue output so you must have a DAC or an amp with a digital input, e.g. an AV amp like Onkyo (and most of these can be connected to give an onscreen display showing track info, etc.).
Okay an iPod isn't the ultimate hifi source but it is very convenient. This unit and a good DAC will sound close to a CD player, subject to the other gear in your system. Your high bitrate and lossless files will sound pretty good and almost certainly better than they do with an analogue dock or cable that uses the iPod's internal DAC.
The remote control is basic but effective with play, pause, skip/FW buttons and other buttons.
I like it because my iPod is my main media player. I have a portable device with my music and playlists that also gives very good sound on the hifi. It's a fine niche product if you have a use for it.