Here's what you need to know: you must own this product. Ellusionist has done a stellar job of setting up a PK magic system that is easy to use, practical, simple to set up, and will work absolute miracles in your presence. If you want something that will set you apart from every other magician your friends know, this is the item.
There are two different ways to go with this, and I highly recommend the "Bundle Combo Deal". While the M5 comes ready to go with several effects (stopping the spectator's watch, making a needle stand up in the spectator's hand, etc), you'll find the most fun comes from the extras you can use. You can even fix up your own items with the supplies they include.
My favorite effect of this system is an extra you'll have to purchase separately for about $25. You put a 50 cent piece in the spectator's hand (fully examinable) and then--without ever touching them in any way--that coin flips over in their hand. It provides screams of astonishment every time.
There is some initial preparation you'll have to do when it first arrives (just a little sewing), but after that you are golden. Practice is obviously important, and performance is key. If you just go up and say, "Hey, watch this!", you'll be crippling the potential for this effect. You can do so many amazing things with it you owe it to yourself to spend some time alone working things out and creating a routine or persona before trying it.
So what makes this different from less-expensive alternatives like The Bat or The Raven? It's simply the power of the gimmick. You are given a lot more distance between yourself and the spectator (never even touching them sometimes) which makes the obvious answer to them completely impossible to be true. Understand: this is an investment on your part (I consider any effect over $50 an investment, but topping $100 is a commitment to me), but the miracles open to you and the looks on the astonished spectator's faces make it worth it all.
There are a few warnings to keep in mind that they mention, and you should take them seriously. Nothing life-threatening, but you can do permanent damage to some electronics if you aren't careful.