I have the CW-50, which is basically the same but it is run from a computer instead of the keypad on top. To be honest, I thought it was the coolest thing when I first got it, for the last 6 months since I got my Epson 900 it has been sitting in a box along with tons of ink that I stupidly bought for it. The printer is great if you just want to print a few lines of text on a disc in the same color. If you want to use any graphics or anything like that, don't even waste your money.
When I bought it I was under the impression that you could print on the full surface of the disc, this is not true. You get a small box at the top and the bottom of the CD that you can print in, I think it's 4-5 lines of text depending on your font size. Another bad thing about it, if you want to print on the top and bottom of a CD, you print the top, then you have to take the CD out of the printer, turn it around, line it up and then print the bottom half. This might have been fixed in the newer model. If you just need a cheap sharpie alternative it would be great, but anything more than that, this printer won't work for you.