This has been such a must-have for us. Since we co-sleep, we put bumpers all around the sides of our family bed and our baby sleeps there for naps and a few hours in the evening before we join him. It gives me peace of mind to be able to see him clearly on the monitor and anticipate his nighttime needs. With the video monitor, I can watch him become restless and get to him for soothing before he wakes up--something I don't think would be possible with a standard audio-only monitor.
That said, there are a couple drawbacks to this model. The main one is that the battery hasn't held a charge since about a week after we bought it, and we very carefully followed the instructions for prepping it since I'd read reviews elsewhere warning us of this potential defect. Luckily, the cord is incredibly long.
The other drawback is that sometimes it seems to pick up static that registers on the light-up sound bar that clearly has nothing to do with any noises actually going on in the room where my baby is sleeping. A bit annoying, nothing more.
The night vision is excellent--I can detect the smallest details as if a bright light were shining on my baby, despite the fact that it's pitch dark in the room. The image is higher quality than other video monitors we had in the past, too.
It's also pretty durable. We've had this thing since January of 2008 and it has withstood several moves (one across the country), being stuffed in various suitcases and kicked around for travel, as well as being dropped/crushed/chewed on/etc. by two wee ones. Huzzah!
Despite the lack of mobility with this monitor, we are still very pleased with our purchase. The other features make up for what it lacks, and it still comes out ahead in the reviews that I've read. My personal experience backs that up.