Although my title looks a bit dodgy, it covers what I think of the product.
Having the Yamaha electroacoustic, for recording purposes (if using the jack) this is a bit of a must, especially if recording vocals simultaneously, as you dramatically reduce the volume of the guitar.
For playing the guitar where you need to be quiet, i.e. after the kids have gone to bed, it is also really useful, as mentioned above it dramatically reduces the volume of the guitar without and real effect on the tone.
Once fitted, as the product has a double lip, there seems little chance of it falling off as it is quite snug and secure.
At the end of the day it is a oval shaped piece of rubber, but it is for a specific guitar brand and it is well made and does the job well, so I can probably justify the price.
The Yamaha APX range is a beautiful range of guitars for relatively cheap (compared to the quality) however because of their natural resonance they are terrible for feedback when plugged into a PA system. Although this Soundhole Cover does not entirely prevent feedback from this range of guitars it does a brilliant job of stopping most of it. As Thomann is the only place I have seen that sells this product I cannot recommend it highly enough as it fits the guitar perfectly, looks professional and is essential for gigging with a Yamaha APX
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