Overall I like it, It can be very usefull for initial mark up where design isn't much inportant. Definitely took a place at my bookmarks.
Only one thing I noticed. I am not sure if it is a bug, but please check this page http://pea.rs/forms/multi-left-labels (and apparently same at http://pea.rs/forms/top-labels)
It has some problems with displaying textarea, at least for me it looks like that: http://i.imgur.com/tJKiG.png
I am using Windows 7 with Firefox 9.0.1