CE is not version 1. CE has been out for almost 3 years and is in it's 3rd major release. (And it's the follow on product to Seagage Info, which has been in the marketplace since, I think, 1996). As for what I think of CE, I like it but if you're really going to use CE as it is best used (as a scheduling and managed report distribution tool), it has steep learning curve and it's own flavor of ASP scripting to learn. And CE Administration also takes a bit of training to understand fully. So it is expensive. But the plus side is very good scalability (or performance) and control over who sees what, as well as the ability to minimize the hits to your database that the reports will make and the ability to maintain archives of reports.
Having said that, you can just use CE to generate ad hoc, or "on-demand" reports (i.e., not using the scheduling features of CE), and in that case the learning curve is not all that bad. Read a couple of white papers on passing logon info and parameter values via a URL call and you'll be generating reports on the web in no time.
Just my thoughts...