A nice-sized oven, not the smallest I've had, but not too huge, either. It cooks/heats things very quickly. (My last toaster oven was only 800 watts and took twice as long as directions called for.) I haven't tried to toast anything, so I can't speak to that. It seems to be reasonably well-made; Black and Decker has a fairly good reputation in that regard.
I have only two complaints:
1) As other reviewers have said, the power cord is very short--no more than half the length of a normal small-appliance power cord. They say it's for safety, so that you have don't a long cord lying around to get caught on things. Instead, I strongly suspect that a lot of people will need to use extension cords, which is less safe.
2) The grilling situation is odd. In most toaster ovens, either the included baking pan doubles as a grill pan or there's a separate little wire rack that fits into the baking pan for grilling. In this one, the oven rack is also the grilling rack; the baking pan fits onto brackets on the bottom of the rack to act as a drip-pan. It's ingenious, but it makes it a lot harder to put food in and take it out when grilling. Instead of taking the pan over to the table, you have to work straight from the front of the oven. It also means that the baking/drip pan isn't the full width of the oven; it has to be narrower to fit on the brackets.
Neither of those are huge problems, but they kept me from giving it five stars.