You'll love it. It was my first purchase from Theory11 and I performed it at my magic club meeting 3 years ago and it floored a group of older magicians that had never seen it. I have 10 guys immediately coming up to me after the meeting wanting to know how it was done.
Yes you can perform it surrounded. It is a great closer for a parlor style show or close up, but it is not an instant reset where you could do it table hopping.
I agree with the sentiments above, it is a fantastic trick, and you allows for a wide range of performance options. The type of plastic bag is important however it is very common and can be found at any grocery store.
I definitely recommend getting it but like anything else, make sure you really practice it to get it smooth. This is one of those tricks that if done well will play really huge but if you just rush out to perform it and look clumsy then it's a total waste.