Todd, you'll like it a lot. There's a learning curve to setting up the brew and it takes a few minutes to layer the coffee grounds and water together, but fortunately the Toddy Pot comes with good instructions. The main thing is don't stir the grounds and water together as the agitation releases more acid.
Josh, it's pretty concentrated. I like strong Joe so I only dilute it 100%, some people use like one part brewed coffee to two or three parts water. We keep a pitcher in the fridge and my wife pours off, dilutes, and nukes enough to fill my Thermos every morning for work. On weekends I just dilute and reheat it by the cup. My wife just dilutes it with cold milk and a little sugar to make her own frappacinos. Unlike hot-brewed coffee that starts going nasty and stale in short order, the cold brew will keep for quite a while refrigerated. I have a friend who makes ice cubes with the concentrate and every morning just fills up a to-go cup with cubes, splashes some room-temp bottled water on it, and enjoys a cold brew cold. The frozen cubes can be stored in a freezer bag almost indefinitely, so it's possible to make a whole bunch over a weekend and not have to fool with it again for a month....if you like cold coffee.
Another thing that's really great about the cold brew is being able to use spring water or well water again instead of using rainwater or distilled to save the coffee maker from hardening of it's little arteries, which takes about eight months here with our well water which is basically just liquid limestone. I like a good dose of minerals in my drinking water, personally, and it makes coffee taste better IMO.