I've had a Lensbaby 2.0 for atleast a year now and I've just now gotten around to taking it out for an afternoon. I've seen some beautiful photographs made with one of these things, both landscapes and still lifes. I am no where near controlling this thing like I'd like to, but I'm having fun playing with it.
Here's a little video made by the inventor that shows how to use the Lensbaby that I have:
The Lensbaby website also has some videos and a gallery, so you can see what a photographer who knows what she's doing can do with it. I need way more time with this little toy!