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I'd say main drawback here is price. Once it's setup, you probably wdn't need to go online w/ it again for months (until you bought a new component to control) so hassle is limited.
Finally, setting up any universal remote is going to involve some learning and this one is probably worth it as much or more than others if you're willing to spend money.
Basic: Sony RM-VL1000
This is remote I have and I love it. It's learning so it's really universal. It's right size, weight and shape for either hand. It's got all normal buttons w/o being too crowded, but also 4 buttons beside LCD. You can program these buttons to be whatever you want and lable them what you want too. You can scroll thru 3 "screens" for these buttons so each component can actually have 12 buttons programmed in LCD buttons.
It's preprogrammed w/ most common components and those settings use LCD buttons when necessary, but you can change any buttons programming as you wish.
It can control up to 12 components which is plenty for most people, but you can have volume set to always control same device. I have my volume buttons always control stereo even if rest of buttons are working TiVo. Similarly, I have my power button set for my TV even when I'm working TiVo.
It has a built in 'power off' macro that turns all Sony components off. You can define rest of macros yourself and even run them on a timer (I have it set my TiVo to standby every night).
It's a bit of a pain to setup, but once it's done you're set and it's so worth it.
And it's so cheap!
Take all things into consideration when shopping for a universal remote: is it learning, macros, timer, size, shape, weight, cost, buttons, setup, etc. What's important to you?
If you're willing to spend money, I wd get Harmony. Otherwise, I wd get Sony VL1000 - it's (probably) harder to setup, but so much cheaper and a great remote.
Bear Cahill runs: The Armchair Geek (www.thearmchairgeek.com), Webpage Hosting Info (www.webpagehostinginfo.com), Go To College Online (www.gotocollegeonline.com) and The Video Exchange Community (www.videoexchange.org)