1)
Embedded Control Concepts: Products
2) Think of it this way, you get all the equipment that you need for your HERMS minus the PID(s). It is 2.5x the price, but you also get more control over everything. With my current RIMS plan (draft is around here somewhere), the only thing I need to do is click the program start and switch hoses at the sparge. All temps/processes are controlled.
3) Yes. I think I answered it above.
4) Adam updated all the software before the public release. Also, much of the PID control and some of the states is very open-sourced. It is the users that make suggestions to improve the software. There's more information on the forum and the wiki on the site that I posted above.
I would suggest getting this over a PID. I put a lot of thought into it before I bought mine. The road isn't necessarily paved, but there are a lot of smart people that now considering this unit.
I also have to mention, I have not brewed with this yet, but have tinkered with the software states. I'm aiming to be able to brew with this come March/April. I have to replace the conduit to my garage with PVC before I can get it wired for 240V 30A service.