I haven't had personal experience with it, but here's what I know:
It's FNBO, which means they're inquiry sensitive. I wouldn't go for it unless you're pretty clear of inquiries over the last 6 months to a year - they DO turn down people for having too many inquiries, even on a secured offering.
The rewards look good if you shop on o.co on any kind of regular basis. 8% back on Overstock purchases with a free club O membership and free shipping is quite nice. 2% back on gas and groceries is pretty decent too so far as secured rewards cards go. Since the rewards are Club O Rewards rather than straight cash back, though, it does limit you a little bit on redemptions.
The card DOES graduate based on performance with the card and overall credit profile. If they don't graduate you at the 11th month FNBO periodically reviews until they can unsecure you. IMHO secured cards that graduate are the better options across the board, because you don't have to lose a tradeline to get your money back. Just my opinion.
