Anyone install one of these energy saver units to reduce their energy consumption and overall save on their electric bills?

http://www.power-save1200.com/1200.html

Unless you are charged extra by the utility for power factor related issues, the amount a power factor compensation device will save you is very close to zero (a small fraction of 1%). SFAIK no utilities in the USA charge residential customers for power-factor, only kilowatt-hours used, which will not change with the installation of this device. Industrial customers often have power factor billed as a line-item, and can indeed save money (but not power) by dynamic correction.

I'm guessing "industrial customer" isn't you though, is it?

Marketing this to residential customers is well into the darker-shades of grey, if not outright fraud.

A more detailed explanation of what power-factor correction is about, and some of the issues surrounding it are found on this thread:

http://www.physicsforums.com/showthread.php?t=232734

Unless you're pulling so much current through your wiring that the wires are heating substantially (in which case you have bigger issues to worry about), don't expect to see even a 1% difference on your bill related to power factor.

Walk away from this one- your money is better spent elsewhere.