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Strengths: Small, lots of torque, lithium ion battery, nice design and colors
Weaknesses: Case would be nice, lots of torque
Summary: Without a doubt, this has got to be my favorite tool, or at least in the top two of my favorite battery-powered tools.
What's not to like about this widget?
1. It has a lithium ion battery, so it'll hold a charge for months at a time, unlike the NiCd batteries in so many other cordless screwdrivers.
2. It's small, the smallest cordless screwdriver I own, and I have a bunch of them (at least 3 Black and Deckers and a couple of Durabuilts).
3. It has a lot of torque for its dinky little size. This thing drives in screws for which I might otherwise use a larger drill-driver. In fact, it almost has too much torque. I have actually stripped the heads on some small computer screws if I'm not paying attention when driving them.
4. It looks cool! Gotta like the neat red, black, yellow, and silver color scheme. It's a nice departure from the solid color of so many other tools.
Kudos to Skil for the metal cookie tin in which this kit (it includes the driver, charger, and a nice bit set) comes.
As others have said, a case might be nice, but I can barely see the practicality of it. The charger for the iXO is a triangular shaped affair which the unit straddles while charging. It's simple enough to just grab the unit off of or set it upon the charger when needed without having to disengage any kind of plug or catch. A case would be good for transporting the iXO from place to place but is hardly necessary at home.
Skil appears to have one-upped the iXO by introducing the iXO 2, which is nearly identical apart from including a white LED that shines at the screw to be driven and a charger with an integrated holder for the bit set. Might be a nice upgrade if my iXO ever dies, but I like it so much, I'm liable to figure out how to replace the battery just so I can keep using the original.

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