So, I haven't been able to personally test it since I haven't been to the shore (where I have a compressor and a place to shoot it). I did, however, send it down there to be tested by some friends.
They reported that it was tough to get to work. Either the baloons would break on the way down the tube or would break when the gun was fired. They were able to make other projectiles out of water
So, without testing it myself, I would say that the cannon rules, but the key is to find balloons that work well with it.. If I get down there to play with it myself, I'll let you know..
Any of you bought one?