I also have never used the stuff, but I took a look at their website, and here's how I see it:
This stuff probably isn't a true epoxy in a chemistry sense, or if so, it is heavily filled with inert ingredients (not always a bad thing). Basically, it's a much thicker product (claims to have the consistency of putty), which probably makes it good for carving (like zimmerit) and filling.
I think I have seen a similar epoxy available in hardware stores; it looks like two blocks of clay, which you knead together.
My recommendation would really depend on what you are trying to accomplish. If you are trying to make zimmerit, bedrolls, etc., I would say give the stuff or the clay-type epoxy a try. I wouldn't recommend it as a filler; it probably sets up like a rock and takes a lot longer to dry than most putties (like Squadron). If you just want an adhesive, I would go with a more "traditional" epoxy, like you see in the double-syringes available at the hardware store.
As to setting time, that again depends on your requirements. For most applications, 5 minutes is fine, but if you think it's going to take a lot of fiddling to get it just right, you might want a longer pot life. The pot life usually refers to the amount of time you can use the resin from whatever pile you stirred up; the actual bond can take quite a bit longer to cure, depending on how much epoxy is present.