If anyone has bought one, please give me some feedback on how well it works. Here's the link for those who haven't heard of it.

http://www.ic2005.com/shop/product.php?pro...at=0&page=1

I'm wondering if I'm able to use 16gb cf cards with the above. Anyone tried it?

I haven't tried it but it looks interesting.
About 16GB cards, the 8GB MS Pro Duo card was the largest that I know is supported, but I don't see why 16GB shouldn't work (with the same issues as 8GB though).