I have the twin version and it flys great. It looks very nice in the air - I've received complements on how scale it looks in the air. It has lots of power on 2S lipos. The 4 motor version (which looks more scale) is pretty gutless, but does fly. I would suggest the twin version since there are only two motors to possibly burn out and it has about twice the power of the quad.

I'm assuming you have flown airplanes before and have a transmitter. To get the stock version flying, you need a brushed speed controller (8A or better for the quad and 15A or better for the twin), a 4+ channel RX, 4 micro servos (HS-55 or equivalent), battery pack (I went with a 2100mAh 2S lipo), a y-harness (for ailerons, if needed), and 2 servo extensions. The kit comes with all the control horns and push rods. You will also probably want some paint since they come white - Tamiya acrylic paints are great for the foam planes. Just be sure to use a water based paint so it doesn't eat the foam. Plus the usual tools for building like sandpaper, epoxy, knives, etc...

A couple tips on building this plane: The GWS glue is contact cement - you wet both surfaces and wait for the glue to dry to the touch then press the surfaces together. Note: there will be no reposition time once you press them together, so make sure to line them up correctly first - otherwise, use epoxy or white glue if you need some time for positioning the parts. Also, hog out the foam under the main landing gear wheels since they will hit the foam on landing and make the plane skid.

Edit: This might be of some help to you on what's involved in building the plane. Here's a link to the GWS manuals section - just click on the Cargotrans picture to read the manual.

[link=http://www.gws.com.tw/english/service/book/airplane_manual.htm]GWS Airplane Manuals[/link]