I love the look of felt and I just used this on a LO tonight. I think that this is great stuff but it takes careful attention because once it is stuck on it is not moving. Therefore, be careful to reshape it as you lay it down.
I haven't used any other felt ribbon product like this before, but this one was pretty tough to use. As I would unpeel the backing, it would stick together, and it would take me 5 minutes to untangle the mess. Also, as mentioned before, once it is down, there's no going back, so make sure when you get it down, it's exactly where you want it! No moving this by even a mm. However, it looks fantastic once it is done, and all that hassle really takes a back burner to how great your final product will be.