Very cool.
Very useful tool indeed.
A word of advice: Toss the red and blue backdrops. Colored backdrops (especially blue, for some reason) fool the sensors on your camera and end up throwing off the color balance. You'll likely get your best shots with the white background, although the black will also be handy for shooting very light objects. (Gray is also ideal.) A lot of us use a gradient gray backdrop. A good one from someplace like Adorama or B&H Photo will run over $50, but you can print your own at a place like Kinko's (FedEx Office) on their large-format printer for a lot less. Here's a fairly large high-res JPG file you can download and print:
Gradient Background
Also, check your camera owner's manual and see if it will let you set the white balance manually. If so, follow the instructions and do it. It can potentially improve the photo quite a bit.