I have one! After I saw racky's awesome little books, I ordered one right before Christmas (little gift to myself). I took it out of the box, ooh-ed and ahh-ed over it, and had to put it away to finish my gifts. I will be giving it a shot over vacation in a few short days (or, if we do have a snow day tomorrow). I also joined a Yahoo group for it, and there are a bunch of examples of things that people have made. The moderator is also great at answering questions (she's the gal I bought mine from).
Apparently, there is a learning curve, but once you get the hang of it, it's a piece of cake!
If you have a pair of bent nose pliers (to hold the beads closed) and an oven mitt (so you're hand doesn't get burned), you could try dunking them in boiling water. That should cut down on any fumes. I don't remember it being very stinky, but it was a while ago...and I did have the windows open.
Just thought I'd share a pic of the necklace I made for the Melting Madness Swap (link in christinacoghill's post above...but the image of my necklace wasn't working). I made a bunch of beads but only a handful came out decent enough to use. Now that I've seen some more examples, it has renewed my interest in trying this again!