Well, I got my printer and stencil tape today, and after playing with just a couple "test" stencils, I'm pretty impressed.
Now, you can obviously see a little bit of pixelation up close, but that may be something I can sharpen up. I believe that's just a result of using Windows fonts, as opposed to a cleaner vector file. The etch itself came out very clean otherwise.
A couple of notes: The "print" on the stencil media is very hard to see without looking at it in the right light or a good angle. There's no print on the backing paper or anything, so you have to take some care while positioning. HOWEVER, once you start applying your etch pad, the etch shows up quite clearly on your stencil.
Another thing: These are mostly gonna be a "one and done" stencil, and you pretty much only get one shot at it. You might be able to get an addition etch or two if you're careful with the stencil, but it's pretty fragile after it gets wet.
That said, for the price of a stencil cartridge (it's like $11 for 3 or 4 feet of tape) you'll get a pretty decent number of stencils, and the ability to customize on the fly and not have to wait a week (or more) to have them printed by a vendor is well worth it in my opinion.
Now, are these as good as a stencil from IMG or TUS? Until I can play around with it some more, I won't say yes or no. You'd probably save some money in the long run if you used professional stencils that can make dozens if not hundreds of etches, but I always ended up ruining my professionally printed stencils one way or another anyhow, and again, the convenience of this goes a long way in my mind, and I do believe I can PROBABLY get as clean of a result with these if I play with the files and settings a bit.
By the way, you're also limited to just under a 1" tall stencil, but for knives, that's usually well more than enough.