Product review (4 stars): It works!
I was a bit nervous with all the negative reviews, but I get paid to fix things for a living and I felt I can handle this. The kegorator arrives, I am pleasantly surprised that is came with a dual gauge regulator that is actually pretty good quality. It came with a pretty nice US sankey keg coupler and a standard thread faucet that accepted my "Beck's Handle." I placed a cup of water inside and let it run over night at max setting. Liquid temperature was down to 35 degrees, perfecto! Had a 5 lb. Co2 tank on deck, ready to go. Needed to use an after market bungie cord to hold the tank in kegorator, no big deal.
I'm now on my 3rd keg and am very happy with this unit. However, I did need to extend the beer line. At 12 PSI Co2, you get lots of foam because the back pressure isn't right with the short beer line. A $6 fix..no big deal.

Update 9/4/2012:
I 've had this unit for 2 years and 20+ kegs. All 15.5 or 13.2 gal. I have had no problems with this unit, whatsoever. I've been getting Heineken a lot, so I did get a European keg coupler. After the simple little tweaks in the beginning, I haven't had to do anything but clean the parts and pour my beer. I love this thing!