Just an update:
I did receive this yesterday, much bigger than I thought it would be and also a little louder than my Maxtor One Touch, but it DOES outperform the Maxtor by just a tad according to xbench (probably because its firewire vs. USB 2). It did come preformatted as NTFS, and a quick visit to Disk Utility fixed that right up.
I then confirmed that it is bootable by cloning my boot drive and it worked like a charm no problems (didn't time it to see what kind of performance it had)
Afterwards, I simply cloned my data drive to this as a backup as this was my point in getting it - I have no idea how long it took (about 50GB of stuff) since I ran it as I slept but with CCC, there were no issues reported in the morning.
Finally, I haven't tried the programmable buttons (three of them on the IOGear) yet, but I am sure there shouldn't be any issues since I have setup the one touch before.
Basically, for the price it seems to be worthwhile - lets see how fast I get my rebate.