A friend has one and she lent it to me for a week to try it out, I wanted to try out the Rag Die, so she lent me her Go and the rag die and wow it was great for cutting flannel for rag quilts, it cuts the fringe exactly 1/4" wide, so I decided to buy one. I got the 2 1/2" strip dies, which will be great for cutting binding strips. Still waiting for my rag die to come though, but I think it's going to be great.
I don't see why you can't cut the strips using the length of the fabric, instead of the width, so that way you would get longer strips. I would maybe only cut one layer of fabric at a time.
But definately go to their website and either chat with one of their staff or send them an e-mail, they are very helpful.