I made one last week and started hanging for the first time about 4 days ago. So far, it's working very well and can really feel the stretch in my suspensory ligaments (although I do have some questions about optimal positioning of the weights and legs). The one issue I have, at least the one that comes to mind, is that the vinyl strap pulls down and compresses the glans when I hang over my thigh. I'll try and work out a brace for that tonight. All-in-all, not a big deal.
I'm hanging 5lbs from it as I type. I'll probably advance to a bib once I get closer to 10lbs, since I've read at least one report that the winch starts slipping around that weight.