I have the EZ* RTF and yesterday completed flights 6, 7, 8, 9, and 10. The EZ* is controlled with throttle, elevator and rudder (3 channels). I've heard that some have put night flyer kits on it. There are MANY modifications that can be made (check over at RCGroups.com.. there are 16 threads on the EZ* alone that talk about all kinds of mods from adding ailerons to adding wheels)
As already said, transport is not a problem as the wings come apart.
Tricks I've done already (and I am a newbie to RC) inside loops, outside loops, inverted flight, hammerhead stalls, etc. About the only thing you CANT do with a stock EZ* is a decent complete roll. It falls out of the roll at the top.
I've heard that you can paint it with tamiya model paints, but i haven't tried painting mine. I've also read that sharpies dont work on any of the blue parts of the foam because the blue comes through.
As far as thermalling, yesterday I caught my first thermals. The first one was the strongest, and I circled, motor off, in the thermal till the EZ* was so small I couldnt tell front from back! It was probably around 2000 or more feet up.
I've had NO problems with reception.

Good luck... and good choice! [8D]