The plastic is moldable, and has a consistency of soggy cheese (I certainly hope I never encounter cheese that's anything like this!). When all is said and done, it should take you about 10-15 minutes to make the plastic (less if you make a small amount), 10 minutes of cleanup, plus 2+ days to allow the plastic to dry. As always, your milage may vary.
As for the final product's strength and whatnot, I would classify it as "okay." If you roll it thin (as I did in this instructable), it can easily be snapped in half, though it will probably survive a small drop on to carpet. Thicker pieces seem to be more resilient against average abuses - no problem dropping on to carpet, and if it's thick enough, you wouldn't be able to snap it in half. A blow from a hammer or other such object would quickly shatter it, though.
All in all, I would say this is mostly useful for folks looking for a fast and dirt cheap alternative to much better products available to the average joe. It's definitely not for something that will be handled on a daily basis - good enough for light decor, not much else.
This is my first Instructable, so bear with. Constructive criticism is always welcome!