It is a visual installer. The install routine is working in all respects as far as i can tell. There were partitioning and package selection issues with the TP and beta 1.
Once installed, it is working very nicely (I thought TP and beta 1 did as well).
You only need CD1, but there is a lot of usefull stuff on 2 and 3.
One feature that they have is package groups(ex enterprise desktop, home desktop, ...), as well as individual package selection, if you are wanting a more streamlined install.
I ran into a problem with tcsh that was not present in beta 1, but everything else I have tried works for me. The distro has a fast feel to it compared to mandrake 10.