I have one on my ZT HD 48, and it works very well. The blocking plate has a lot of 1/4" holes, so some clippings will escape, but not enough to have to clean up. The lever is easy to operate from the seat. FYI, be sure to use loctite on the knob to keep it from coming loose. Assembly and mounting are easy, and a nice surprise is that the whole assembly is held on with a pin (at the rear of the deck, same as the discharge chute) and one bolt in the front. To swap back to the OEM chute is a one bolt operation if you wanted to do it. I haven't seen the need or benefit to do that yet, just wanted to let you know.
As for mulching, I think you'll have to lower the deck pretty close to the ground to trap leaves. One of the lawns I cut has a lot of dead leaves year round, and I cut it at 3". Most of the leaves escape out from under the deck without getting chopped up. I haven't tried lowering the deck to see where it works best as I don't want to kill off their lawn just yet. I'm using the original blades... mulching blades might help, too.
From what I have been able to tell from pics it looked like it was going to be easy to put on and off. I am glad that is actually the case. I am going to start with the original blades as well.
Do you notice if there is any additional build up under the deck after mowing?