Overall this is an alright tremolo. It has a couple of issues but at this price I can live with it.
It seems like the knob to change the wave shape of the tremolo does very little (not nothing, just very little). The indicators say it goes from square wave (5 o'clock) to triangle wave (7 o'clock) but in reality it feels more like square wave to slightly less square wave. In other words, it doesn't feel quite as soft, warm and triangle-wavey as those nice '50s-'60s tremolos.
And the switch is strange. As another person commented, it feels like there's a slight delay when activating it. Nothing horrible that can't be managed but it's there. And the button (at least on mine) doesn't "click", it more like you're pressing it down and hope you pressed it down far enough to activate it. It feels kind of weird and mushy and I guess could be an issue with just my pedal.
NOTE: This review used to say that the pedal was noisy. However, I found out that the source of noise was in fact not this pedal. My apologies. I've edited the review to reflect that.