This'll just echo what other's have said, but if anyone feels like they need independent confirmation.
On Christmas Eve the weather finally settled down enough that I could do some testing. So I took my "prototype" ET-1 out and gave it a whirl.
I'm using a Turnigy car radio that I can hold in my left hand while I'm flying with my right. I tried both the APC 6-5 'lectric prop and the APC 7-6 cut down to about 6.25. I was flying off of a short-cut grass (well, moss and weeds) field. I'm using a Turnigy $5 2805 motor, an 18-amp speed controller, and an 800mAh 3S battery. Line length was between 35 and 40 feet (I'm not sure what: I was using an old handle I had lying around, and I just paced off the line length).
Summary: This plane is great for what Larry designed it to do. Way to go, Larry! It's easy to fly, and because the throttle is radio controlled it's easy to bail out of a flight if you get nervous. I'm going to be sending off the planes to my nephews for their late Christmas presents with confidence that they'll be able to fly them out right of the box. While the planes are good for that, these things don't do anything more: if you want a plane that can stunt, build something else.
Takeoff: Takeoff with the 6.25-6 is prompt. Takeoff with the stock APC 6-5 is acceptable.
General flight characteristics: The plane is stable as a rock. With the stock CG turns are slow, and when the motor cuts off the nose points down and by gosh you're gonna land. I experimented with moving the CG back. Interestingly enough, the turns don't speed up noticeably with the CG moved back about 3/8" from Larry's suggested position (at least it's the position noted in the early-bird plans that I have: Larry may have changed it), but the landings are much more level. Flying on the 6.25-6 is only slightly faster and more solid than the 6-5, but not enough to justify modifying props if you can get the 6-5.
Stunting: Don't. The plane gets loose on the lines at about 60 degrees, so wingovers are out. The plane turns so slow that you need about 60 degrees to do a half loop -- I didn't have the courage to complete the loop, so I leveled out inverted for a few laps, then horsed it over into level flight again. Inverted flight is nice, but getting there and back is so hair-raising I wouldn't suggest doing it unless you want to prove a point (and are at least fairly skilled).
Landing: As mentioned, with the CG in Larry's recommended position, power-off landings are sudden. Partial-power fast landings are OK. Move the CG back by about 3/8", and while powered flight doesn't change much, power-off landings get a lot easier. After I had verified that the plane was more than good enough for my nephews, I had fun shooting touch-and-goes with it until a bad bounce dug the prop into the moss and ripped the motor mount off the wing.