Hi,
I recently purchased the Lumiquest Event kit and have been using the Quick Bounce a lot.
Its great if you are shooting out doors and on a sunny day and want a bit of fill light to light up the subjects face. Also works well when you don't have a roof low enough to bounce off. Hence, why I went with this and not a Gary Fong Lightsphere..
The quick bounce also allows you to open up these little barn doors, which claims to let 80% of light out and then you get 20% of light reflected at you subject. I also have tried closing just one of the doors, which is suppose to bounce 40% of light.
I found this nice review on it, which I'll post up when I find it again.
This is one of the few English videos on youtube about this product. Its biased as he owns the company, I think, but at least it gives you an idea on how it works:
http://youtu.be/gjG96-MVoi0