I bought one a couple of months ago and used it a lot to build my USS Pine Island. Really nice. I don't use the little plastic spatula things to bend with, though, I use a single edge razor blade and it works really well. Yeah, it cost a bunch, but I can't imagine doing nearly as good a job with two pairs of pliers.
The other thing I do is paint the stuff before I cut it out and bend it. Someone recommended that, it seems to save paint, be easier to hold.
My only complaint so far about PE, which is only because I am a beginner, is that it starts falling off the model as fast as I can stick it on, which isn't so fast.