First off, I have to say that I want to really like this product. I've been an amateur/semi-pro photographer for many years. I used to shoot with film back in the day, and made the switch to digital reluctantly. These days, I use a pro-grade Canon rig with point-and-shoot Sony as backup. But I don't always have my cameras on me. So, I find myself taking a lot of snaps with my iPhone.
This lens kit (which is small enough to ride in my messenger bag all of the time) adds a world of versatility to the camera I always have close at hand. In the week that I've had it, I've already taken countless snaps with it. The quality of the glass is really quite good (none of the extreme chromatic aberration I was afraid of), and the lenses do pretty much what you'd expect them to do.
That said, there are a few cons you should know about before you buy the Olloclip. First, the wide-angle lens really likes to come unscrewed from the macro lens, so you'll need to be careful when you take it out of the carrying bag. Second, the Olloclip itself covers up your flash. That's not a big deal, since the flash on the iPhone is pretty much useless to begin with. Last, and most importantly, the lenses themselves cut off the very edges of your optics, so you get rounded black borders on every shot you take. If you follow the rule "frame wide; crop close," then you'll be fine, but that was an unpleasant surprise to me. One last thing, the picture of the lenses that I ordered showed them in black, but the ones I got were red. That doesn't bother me, but it's worth mentioning.
Over all, I'm okay with this kit, but I probably would have looked around more if I'd have known all of this.