Right, well the tripod (and a Giottos monopod) arrived about a week or so ago so i'll just do a mini review of it after a couple of days use.
The tripod is pretty light (obviously) and with the legs at their highest setting at the smallest angle they really aren't that steady at all, however if you fully extend the legs and put them at the medium angle the tripod is rock steady, with no movement at all, and easily capable of holding a DSLR and reasonably large lens (in this case the 24-70 @~800g).
My standard setup is with the legs fully extended at the medium angle, with the centre column fully up, this give a stable base (the centre column doesn't appear to move, due to its shortness) with a reasonable height (although a little taller would have been good, you do still have to kneel down to look through the viewfinder).
I was using it with a Manfrotto 484RC2 ball head, which has just enough grip to hold a 300 f/4 and ball head and tripod weighs in at around the 1kg mark. It's not going to replace my 055pro but for those trips where either I have a long walk or I probably won't need a tripod, but "just in case" it will be used (it fits easily into a normal 20L backpack).
After a little bit more use I'll hopefully stick a longer review in, with some pictures, but at the moment anyone looking for a CHEAP, small lightweight tripod this looks like the way to go.