I just used the MkII version to test 11 lenses. I think it works fine. Pretty simple to use and set up. Use the distance tool they provide on their website to determine how far to be from the target for a given lens/camera or you can get away with using the ROT of 1" for each mm of focal length. Its pretty close.
I found it easier to build a preset in LR4 for evaluating the sample photos. You can do several different things but all I needed to do was bring up contrast, add some clarity, and sharpness to the RAW image I used.