I just bought the set recently at the LEGO-Store in Munich. It seems to me a bit like a modernized reincarnation of 1992's 8828 Wheel Loader. it builds the same two models, but in a much more modern design. Now to the Models:
Wheel Loader: This model is a nice design of a Wheel loader, which features 3 functions. First the movable shovel, second it's arm and third the rear axle steering. The model looks rather realistic, but a tad too modern due to rounded parts. It's small for such a functional model, too, since it has all cramped in such small space. Overall 5/5.
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Grader:
This is a ncie grader design. it has some similarities to 8828's grader, but in a modern design and with even some kind of seat construction in it's Cab. it has two functions. First the Front axle steering and second the movable shovel. the whole design looks quite realistic, but it's not as nice as the Wheel loader, since it's not that cramped in a small space.
Overall 4/5.
This brings me to a 4,5/5 but rounded up to a 5/5

I got this set because it has the main features of a real life front loader with the bucket. The two knobs on the back control the bucket tip and boom elevation. A top knob steers the real wheels. The idea of turning was okay on this model, but why not do steering like set 8453. I would have preferred that steering instead. The knobs on back can be hard to turn for there size, but the functions are compact inside the main structure of it. I really like how they designed it to be small and perform its functions correctly. The bucket and boom are controlled by two worm gears to minimize the space provided. The set looks good and has its functionality too. I think this would make a good set to add to another set like 8273 because you can load stuff into the other truck. Or, you can create other creations out of this set. On brickshelf you can view all sorts of creations and you can find many various types of custom models made from this set, they are cool. To conclude, this set is very nice and for a reasonable price, go get it because it has a functions that are cool to watch and you can do other things with it. Go get it before it's too late.

I received this set at (thank God!) the regular asking price at Toys R Us, and am really glad that I purchased it. Here's my summary.

Pros

• The yellow wheels are really cool.
• All three gears do something different, showing this set's functionality.

Cons

• The gears are a bit hard to turn.
• The gray parts aren't my favorite thing about this.

This is a nice set, at a nice price, and whose functions are, while hard to use at first, great for kids. This is an experienced builder model, however, so this may be better for teens or adults.

I picked up this set online for about $18.00 because I thought it would be something that my seven year old and I could work on together. She is pretty good with her hands and has no trouble handling fairly advanced technical concepts (advanced, for a 2nd grader, that is). I was attracted to this model in particular because with just 200 parts and a price tag of less than $20, it provides three bona fide functions:

• Rear-wheel steering via a gear-knob located on the top of the cab.
• Raising/lowering of the bucket arms via a gear-knob located at the rear.
• Tilting of the bucket via another gear-knob located at the rear.

The build went fairly smoothly, taking a little more than an hour. There were a few steps that involved connecting a sub-assembly at multiple points where I had to help my daughter out, but for the most part, she was able to do it herself. I just dug out the pieces for her.

As others have noted, there is a significant problem with the interaction between the two bucket functions. Because of the friction between the pivot arm that controls the bucket tilt and the main bucket arms, tilting the bucket can cause it to raise/lower and vice-versa. The fix suggested by TomKQT (replace the black friction pin with a frictionless gray pin) goes a long way toward solving this problem, but there is still a problem in that the bucket tilt mechanism has a "cusp" that can cause it to get locked in the up position if the bucket arms are also raised. After playing with the model for a while, it becomes pretty easy to avoid this situation, but it is an annoyance at the beginning.

The parts included are pretty nice for a smaller set -- about 9 small gears, two worm gears, a rack, four nice tires, and, of course, the bucket. Given this fairly decent parts list and the fact that the model has three functions, I am willing to overlook the design flaws, especially since they can be mitigated with a simple fix.

Here we have a nice little loader, with all the steering in the back!

Pros:

• Nice colours!
• Black bucket!
• Rear wheels for steering!
• Bucket controlled from the back!
• Interesting mechanism!
• Fantastic B-model!

Cons:

• Mechanism can sometimes be hard to operate.
• Bucket can't lift heavy weights.

Overall:

This was a nice little loader. As a difference to the 8453, the functions of this set controls everything from the rear. The steering works in an interesting way to! The B-model is very advanced and long, and it also has an interesting way of steering! Some problems is that the movements the bucket make are not very accurate. When a heavy weight is placed on the bucket, the gear mechanism can go wrong and let the bucket go down a bit.

Overall, this is a very nice set, with many functions. I recommend you get your hands on this set, but you don't need to get your hands on the bucket! Control it with the gears!