Bought it and used it last night on a master session. It seems to perform a cleaner result of what a good tape saturation plug-in can do. At least, audibly, that seems to be the result. Using the Waves J37 or Kramer Tape plug-in, I can typically find an extra 2-3db of loudness without introducing much damage to the audio. The KClip is simply a clipping tool that allow you to gain some loudness by intentionally clipping the final audio, so I use it in my chain right before the L3-16.
You have to push it pretty hard to get a result that's too much. Worth the $20, for sure.