I took the cover out due to 2 reasons:
1) I was paying for mobile and laptop insurance at the time at around £14 a month. It was cheaper and the cover was better with Amex/Affnion.
2) The excess is nothing.
It took them 3 months to send my baggage tags and key fobs though. First 30 days are free, you cancel without an issue and you can make a claim 14 days into the policy.
I don't know how great they are in the time of an emergency, I haven't made a claim but they do pay for a taxi to your home/nearest bank branch (I don't bank with highstreet bank) or a hotel for the night (upto £200 in total and only with prior agreement). The taxi etc is only covered incase of theft.
But I'd go for it. Every mobile/gadget is covered in the house and everyone is covered! Not just me