I should start off by saying that I do not own this program. I have a friend that does own it and I have used his copy. I do a little DJing as a hobby, so I know a little about what is going on with mixing, DJing, and all that. So enough introductions, here goes with the review.
The other reviews of this product seemed to think that it is for making music. That is not the intention of the program at all. It is for mixing two records. And I don't mean the way that you hear on the radio, I mean the electronic, techno, house style of mixing where the beat never stops. This program intends to be a set of sl 1200s on your computer.
This program has all the standard functions that your standard DJ setup would need. It has the equivalent of two cd turntables, a mixer, and a nice searchable record case. The cd turntables actually play mp3s, so you don't have to have two cdrom drives to go with this product. If you went out and bought the real world equivalent of these turntables you would end up spending a lot as they are pretty high end. They have 20 cue points, -/+ 24 pitch bend, and frame accurate cueing. It has some nicer features that you can only get with a computer system like auto bpm matching and graphical cue and loop point editing. They don't have simulated vinyl scratching like some of the newer cd tables coming out now, but that feature would be almost impossible to control with a mouse, so I don't consider it a big loss. The mixer is actually quite simplistic with only a cross fader and level for each channel. It does support cueing, but if your going to use it in a live setting your going to need 2 soundcards for stereo output.
The target audience for this product seems to be the bedroom DJ (like me) who does not want to go out and make the investment in turntables. I have seen one person use this program in a live/performance setting, and it worked out well, but seeing the dj behind a laptop does not have the same feeling as seeing the DJ behind the turntables. The problem with this audience is the price. I am dead certain that if they sold this product for a more reasonable price of 50 to 100 dollars every single non-pro dj would scrap their tables and buy this product. But as it is, the extra 400 dollars to get a nice vinyl setup (Stanton direct drive box set) is worth it.
*UPDATE 3/10/2001*

I just saw PCdj selling for 299 with a hardware controller. With the hardware controller, two soundcards and a mixer this becomes a viable option for professional djing. I am therefore updating my rating.

Recommended: Yes