Here's something worth updating the first post: a video demo of mod usability from a live installation.
http://www.youtube.com/watch?v=ti6DOa2sppM
If a screenshot is worth 1000 words, a video capture is worth a bazillion. This answers hanging questions on features such as support for colors, text size, and formatting.
Since I finally saw this instead of reading 400 pages about it or a nondescript bullet point list, I might go ahead and install it. Now I am convinced of the value.