I have this sponge and I like it a lot. I generally drench it in water prior, squeeze it out, and then put a few sprays of Fix+ on it prior to applying foundation.
Yes it eats up a little more product than a brush, but I like the finish it leaves. You do have to put in a little more effort to apply it, so it's not for those who have limited time. I save mine for night makeup and special occasions.