I use it exactly the way I used my trem on a petrucci (well, it's actually the same). It's not quite a floyd, but does everything there is to do (Satch and Vai things included). I've set it up to flutter, and it does that great, to. Stays in tune very well due to the locking machine heads and high-quality components. The bar pushes in.
Just to add to D.K.'s post that the Silo, Silo Special, Albert Lee, and Axis SuperSport trems are set up at the factory to only lower pitch - just something to know whenever you try one out in a store. The Luke uses the same bridge and it is set up to float like a vintage Strat floats; trying out a Luke would give you an idea of how the trem would react on the other models when set up the way D.K. has his adjusted.