I am currently using with my Nano (along with a friend) and we both love it!! It is 1,000 better than invisible shield since it does not give the Nano any added texture along with being completely clear. If you have the white nano, it is quite difficult to notice that the film is on. I've also used with my previous color 4G iPod Photo (film only covered screen and wheel) and was also quite impressed with the quality and durability of the material.
The fillm for the 5G is about to be released. I managed to order one today since I enquired about a waitlist about a month ago but they mentioned that they should have the film for the 5G available to all by next week.
The only downfall I can see with the film is that it does not cover the sides of the Nano nor the 5G but if you use it with a Skin or a Tube, you can keep your iPod in mint condition forever!