Got the mortiser today. Set up is quick, the process of drilling a half-doz en holes and then swinging the arm back and forth a few times takes a minut e or so and the floating tenon fits OK. Will need to tweak the settings to get it where I want it. Out of the box it was a tad loose on the ends of t he mortise (or the tenons were a tad short :-)). Tweaked it and the mortis e was a tad too tight.
Still need to try aligning with the mating board, but it seems this will be OK for light duty. It certainly isn't a Domino, but at less than 10% of t he Festool price I think it's a good solution for my needs.
Larry