I like it -- in fact I've got one very similar in my car right now, taking it to the turning club this evening!
For sanding, I use something like the 2" thing on
THIS PAGE with a cordless drill. If the tearout is bad I start at 60 or 80 grit. (Bought my kit at Woodcraft, but it looks like Vince has starter kits cheaper.)
When there are voids, I don't power the lathe, but it sometimes free-wheels as I'm sanding. Make sure to blow out the grit and residue before moving up to the next grade of sandpaper (I've got a small compressor, it's very loud for what it delivers but mostly gets the job done.)