A few (or more) of the guys in my squad use track IR and swear by it. I've always been curious but haven't really seen the need or felt like it wouldn't end up gathering dust in the closet somewhere. Since I've been considering it as a christmas present to me when freetrack 2.2 came out I figured why not see what its all about.
So...
1st and formost it does work remarkably well at 1st glance once (and its a big once) you actually get it set up. I'm not a good "wait" guy, so on something like this it gets done now or it doesnt happen. As a result I cobbled this together quickly. I used radio shack 5mm LED's (pt# 276-0143) and my POS logitech STX. Now I found the "right" LED's for $.50 (min 10) and the recommended VC is cheap online so you can do it better for minimal coin (but you'd have to wait). Now it took 30-40 min to build the hat, an hour to chainsaw the camera (and yes you 100% have to remove the ir filter IMO) and it worked but sucked...I mean SUCKED.
So...back to reading...
1) U need to file the LED's flat...period
2) U need to build the cap to "spec" or measure and input correct distances
3) U need a baseline of inputs (thank you very very very much fulmar

)
And presto...
It is 100% rock solid with no runs ,glitches or drips in offline mode just looking around the cockpit. That does not mean its perfect great or track IR (which I have no experience with). What it does do is let you look around very normally to a large degree. It'll go nutso if you get out of range or push the limit but within a large range of motion its very very good. I've got a bunch of work stuff so more formal online "testing" will wait for the weekend.
I am in no position to tell anyone if this measures up to track IR or not, what I can say with a fair amount of certainty is that it is functional and will give you a good testbed for functionality. Just playing with this for 15 minutes off line made it pretty clear to me that either I get this to a point I'm 100% comfortable with it or I'll buy track IR....I perceive as much difference as going to a Hotas setup or more.
If your reasonably comfortable with basic electronics (no soldering gun needed if you use telco butts like I did) you can build the hat easy. If you get the cheap camera they recommend removing the IR filter is pretty easy) and use fulmars profiles (in another thread here) you can have it up and working reasonably well in 2 hours or less.