I've got one and I really like it.
Its metal casing is *very* sturdy, I have put it through the washing machine, dropped it, stepped on it, and left it in the snow (stupid shoveling) with no issues. The cap is rubberized and doesn't snap in place, and I thought it wouldn't be long before the cap went missing but I haven't lost it yet. I have my keys on the same key ring and those beat the snot out of it and it still keeps on ticking.
The password manager is excellent for web page passwords and bookmarks but doesn't have a lot of features. Not a lot of choices for password generation (one size fits all). Also, if you want to manage non-web credentials then the IronKey's password manager is barely useable. I installed KeePass Portable and easily added its icon to the IronKey's control panel.
The IronKey also comes with a browser which is handy for those not-so-trustworthy computers that have a hosed browser with 15 crapware toolbars.
All in all, I highly recommend it. The only ding is I want more advanced features on the password manager, but it would probably confuse the masses.