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@roadrash
I disagree with this entirely Ed. It's been well documented that IRD had massive problems with the Mk1 version where the pawls would randomly fail to engage with the teeth. This was traced to a design error and supposedly corrected with version 2. It wasn't.
I bought a Mk2 and this failed while pulling away at a set of lights and I fell off and damaged my frame.
This was replaced under warranty for a Mk3 which did exactly the same thing within 400miles, this time while getting out of the saddle up a steep hill. I hear the Mk4 is now sorted but I wouldn't take the risk, especially for the £40 or whatever they're asking.
I now stick to second hand or NOS Suntour or Shimano (any flavour seem tough). Also, those cheap Zenith ones of which Hilary has some of for about £15 are very good for the money. They often pop up on Retrobike too.