I've used for some months now, in different live situations, at the studio, at home. I wouldn't say it "steals sound". It instantly "untied" me and I am not going back (unless recording).
You can definitely get dropoffs if there are obstacles between you and the receiver — I would always keep it in sight and I wouldn't push beyond 15 meters with it.
Channel 1, which is supposedly the most stable, gives me minor dropoffs from time to time. I guess it's the specifics of my local Wi-Fi. Channels 2-4 are more reliable for me.
The design is perfect to fit in pretty much any jack — I have a King V, PRS, Ibanez, and use it with all of them.
I keep a powerbank in my guitar bag and always hook this up to charge before a show. Battery life has not been a problem so far. However, I am dreadful at the moment when the batteries will inevitably degrade. Maybe consider if you can get a unit with easily replaceable battery.