This is now known in our place as the house "party light".
If you're not too serious about lighting, this is a fairly cheap, energy efficient light. It's not blinding when it's on, but it has a few settings on the back for self-controlled operation.
When it's on, the party has officially started. That's for sure.
Of course with no control mechanism or brain, we are treated to a smooth transition of colours (you can set this via the PIN jumpers on the back).
I bought a DMX mixer for it, but couldn't get them to talk unfortunately. So I kept the light.
Pros - cheap and cheerful, works fine, a decent amount of light comes out.
Cons - Not that bright, light is quite focussed, not diffuse. Also, the cable is VERY short, although I'm sure it's the correct length if you were to permanently mount it on something.