I have owned mine for about 4 years now and love it. I use it around the farm alot - good for cleaning manure as it is fairly small. Use mine to move round bales. The hoe and loader work very well and it digs fairly deep for a samll tractor. I have used it to complete a bunch of projects around here. It's butt ugly, but a workhorse and simple to fix. Also has hydrostatic drive which is nice.
Like anything else, consider buying the proper size equipment for your needs. I wouldn't want to commercially excavate with one, but for home or small farm use it is great. My opinion is many people are to conservative when purchasing a piece of equipment, they don't think they will need anything larger and a year later regret the purchase because what they have is too small or underpowered for the job. If you need a full size back hoe, buy one. I picked mine up used (my wife wasn't really enthused about it at the time, but loves it now) and don't see a need to upgrade.
A negative to these units is that it has a dedicated hoe unit - no PTO. If you are considering using only one tractor on your property and need a PTO this isn't the unit for you. I own two other tractors with a PTO so the Terramite is used as a loader and hoe only.