I've run the gamut of rack ownership over the last 10 years, I had a Thule T2, then upgraded (in my opinion) to a Yakima HoldUp. I moved the HoldUp over to my girlfriends car and have installed the SplitRail on my Tacoma about a month ago.
Like Sean's reviews below, all around an easy install, with them including all the necessary tools. Bikes are held securely, and you can offset the trays if you have clearance issues with bars/etc. I echo his sentiments on functionality of the rack, but will add my pro's and con's below.
Ability to add on one or two additional single trays on the 2in model allows you to customize your hauling as needed.
The biggest pro over the Thule and Yakima I have owned and Kuat's I have used is the lever to lower the rack. Its conveniently placed, and one handed in use. By far the best out there, hands down.
Most stable and solid rack I've owned.
One small, nitpicky con is the lack of ratchet on the rear wheel strap, but it's really not necessary, and functions very well without it
Lock system is a bit less streamlined like the thule/yakima post and hole lock setup, but the loop can be adjusted if needed.
I think the biggest downside, which a lot of folks will not need to worry about, is the trailer hitch install/fitment is more complicated. This results in a fantastic hold and is the most stable rack I've used (I'll say it as may times as needed!). However, if you need to move it between two vehicles, you will need to set up the hitch attachment again since some hitches have the pin hole in different locations.
In summary, this rack gets my vote and will stay on my truck, while my girlfriend will use the HoldUp. A great rack, I'm excited to see its long term durability.