I have the 2008 model (blue one). I've used it down to -14c and although I was warm enough to sleep (I'm a cold sleeper) it could have been warmer. On that night I used a homemade fleece liner and was wearing fleece pants, wool socks, and wool sweater. My downfall was that I wasn't using a very good sleeping pad, if I was I'm sure I would have been able to sleep at way colder temps.
With all winter camping you need to have a really good pad or your bag will not keep you as warm as you like.
The drawstring around the chest and hood are really good at keeping the warmth in. It is very spacious around the chest and allowed good movement (I toss and turn a lot), a little tight in the knees but still ok. The material is soft and comfy to the touch and really invites you to doze off. The zipper needs to be guided most of the way as its not the smoothest action I would like.
You will need a compression bag, it doesn't come with one (at least 2008 didn't). Without a compression bag the only option is to lash it on outside somewhere cause its BIG. Its also a little heavy but at this price you have to give up something.

I've only used this bag once so far but am so excited that I slept through the night and didn't wake up cold. I backpacked to 11,800' near Colorado's Mt. Evans in July and was definitely glad for the extra warmth. I used a 2" sleeping pad so that probably helped with the insulation. This bag was roomy enough for me to turn on my side and even sleep on my stomach without feeling trapped. I thought the draft collar would annoy me but actually was quite nice. I was happy the "regular" had a little extra room at the bottom for me to keep my clothes warm down there for the morning (I'm 5'9" and burrow into my sleeping bags.). This bag is a little on the bulky side but I was able to jam it into my backpack and still had room for all my usual gear. I will probably upgrade to a down bag when my budget allows but this is definitely a great deal for the price.

I also own the 2008 Elkhorn model, so I can only comment on that sleeping bag. The Elkhorn is the North Face version of an affordable bag that still keeps you warm at reasonable temperatures. I was more than fine sleeping in this bag when I went camping during the summer even at 8,000 ft elevations. When condensation built up in the tent, I did not feel the water inside the bag despite it being wet on the outside. In warm climates and at lower elevations you will have to sleep on top of your bag, as it will make you fell very hot inside it. However the bag is ideal for sleeping in cold to freezing weather. I took the Elkhorn bag for my camping trip in the Upper Peninsula in Michigan in early May and the temperatures dropped slightly below freezing. Out of the six people in the group, I was the only one that slept trough the night, but it took me a good hour to generate enough heat in the sleeping bag to feel comfortable. I am however someone who feels cold all the time and am very skinny so there is a lot of air to be heated inside the sleeping bag. Unlike the previous reviewer I did use a proper sleeping pad, which I would recommend investing in as well. The Elkhorn bag is a tad bulky to pack in your backpack, but it does the job and for a mere 100 dollars it's worth it. I would recommend buying it, if you're not into extreme weather camping, it's not let me down as of yet!