Well, I bought one of these things. I learned about it from the same guy Dinger did, and was intrigued. On Grant's forum we had talked about a group buy, but that fizzled and I forgot about it once he shut down. Then sometime late last summer I was in a local gun/gear shop and saw one in the display case. The price was significantly less than the price listed on Rovatec's site, so I figured I'd give it a shot.
The Bullite "bullet" works simply enough. You put it into the chamber of whatever firearm you're using, and when safely dry firing, it projects a laser beam wherever your barrel is pointed. Obviously this requires the hammer/striker to actuate the device, so it's optimal for double-action pistols like the Beretta 92 and SiG. Not to say it doesn't work in other pistols (I've used mine in a Glock and Kahr) but you have to continually cock the weapon manually. I address this by either treating it like a malfunction drill (the Bullite does not have a rim, so it doesn't extract when you cycle the slide, and won't fall out if you use the "pipe" attachment) or doing more draws from the holster and only one shot each.
The laser is about as bright as a commercial red laser pointer or the CTC Laser Grips. It shows up well on my plain white walls, and is highly visible even indoors with some sunlight on the supplied reflective targets. The targets will show some red light anytime the laser is close, and will reflect back even more light when struck directly. Since I'm sure some of you are wondering, yes, the laser is visible on your TV.
Like any dry firing exercise, there are safety concerns, but Rovatec has made the Bullite as idiot-proof as possible, until nature creates a better idiot. While shaped roughly like a cartridge, the device has no rim, is aluminum, and clearly has a rubber base and glass lens at the bore end so it won't be mistaken for real ammunition. With the extended tube installed in the device and both in the weapon, either you have to unscrew the two parts or disassemble your slide/barrel in order to insert live ammunition into the chamber. The kit also includes another extension that will protrude from the muzzle when installed, but this precludes you from using some holsters and effectively makes your barrel longer. This may drag the forward edge of your holster during the draw stroke, so I haven't been using it.
To approximate the weight of a loaded gun and do reloading drills, I've been using some magazines made by Ring's Manufacturing, makers of the "Blue Gun" training replicas. CRTC makes some magazine dummies that are the exact weight of a loaded one, and would be even better.
I've had no problems with reliability, and the batteries are still going strong. I used it a bunch throughout the fall, but dropped off over the holidays. It's been cold out lately, so I'm stuck inside anyway, so I've been using it more. Again, no word on battery life yet since I haven't used up a set.
Possible issues would be suitability to your particular type of handgun (DAO would be most compatible, followed by DA/SA and then striker fired) and distance constraints. Since the laser is boresighted and not aligned with the sights, using this at a long range would give you a false sense of where you're hitting. That said, I envision most guys would be looking for something for indoor/close up practice anyway.
My only real complaint is that it does not work with my 9mm AR15. If it did I'd use it even more. I emailed the Rovatec customer service address and they responded quickly, but were unable to come up with a solution. They make a .223 version that I could use in one of my rifles, but I'd rather be able to use the one I already own in the 9mm carbine.
All in all, an excellent tool for the toolbox, especially if your lifestyle does not permit daily or even weekly range trips. I think it would be excellent for travelling where range facilities are not readily available.