Pros Does what it claims. Works very quickly (MacBook Pro with SSD) – *much* faster than mucking around with actual CDs. Very simple interface via a new icon in the menu bar. Free trial works well. Works fine in OS X Mavericks.
Cons Virtual discs are limited in size to standard CDs. I would have liked if larger discs (e.g. DVD or bigger) were possible, but this was not critical for me.
Summary One click on ‘New Media’ inserts a (virtual) blank CD for burning. The disc can then be re-ripped before ejecting, if desired. Ejecting the discs prompts where to save the image. The disc image can be re-opened later.