It's been fantastic! You can set for multiple of 1/4 cup, up to 3 times a day. So we ours set for 2 x 1/4 cup, 2 times a day. We've had it for 1 1/2 years probably, and never had any problems with it.
The only thing is that we can't get the perfect amount. 3 x 1/4 cups gives too much food, and 2 x 1/4 cups isn't QUITE enough, and I have to top the bowl up every few days - we stick to 2 portions though, and put a bit extra in as needed so they don't overeat (you can't have 2 in the morning, and 3 at night, it's the same quantity each time).
It's good though - the cats don't associate us with food, so they don't ever wake us up, or bug us for food.
Plastic wise, I have had no problems with it - I've heard cats can get acne on their chin from eating from plastic, but none of my 3 have had an issue.