I have been using it since it has been in beta. It officially became version 1 yesterday. It is free to download and comes with 9 or 10 free adjustments. Other adjustments are available for purchase individually or as a 'pro pack' which, at the moment, appears to be on sale for 50% off as part of the launch.
Andy, join the club! I am confused too (and so are many others). When the question comes up about Topaz Studio vs PhotoFXLab, these seem to be the answers you get.
You may enjoy working with it instead of Photo FX Labs but you may certainly continue to use your old workflow. It’s completely up to you!
You can use all of your Topaz Plugins with Topaz Studio since it runs as a host editor or you can stick with your current workflow.
In a nutshell, this is how they describe Topaz Studio.
It’s a standalone/host editor so you can use all your Topaz Labs plugins in one place, without any fees or subscriptions . . . Your workflow is completely up to you . . . If you like the way your plugins work with a host (like PS) then there’s no need to change.
Topaz Studio is designed to be a free editor that offers inspiration with 1-click effects, super powerful Adjustments, and fast processing. It’s the perfect solution for someone looking for an all in one photo editor and it’s also perfect for someone looking for a good deal to keep themselves on budget.