Product review (4 stars): Must use with lower flames for gas cooktops
Does pretty much what it claims, but should be used ONLY with lower/lowest heat settings for a good simmer - bubbles just breaking the surface.  But yes, the handle will smolder if the flame gets too high - hence, I gave it only 4 stars.  Finally, just took the burned handle off and now use tongs to move it about.  After the first couple of times, the smell goes away - I guess the smell comes from the oil or whatever used to press the parts at the factory.  Overall, a cheap way to produce a good simmer if your stove won't behave.

Update 12/11: it's rusting and leaves flakes of rust on the counter but the thing still does the job.  Will no doubt rust through eventually but still a cheap solution.

OK, it's now July 2014 and this poor old thing is still doing the job - far better than a more expensive one I bought before I bought this one.