I just bought some of that for my new tank (Petsmart actually had two sizes, same brand and color, and I got the finer stuff). Dunno how it'll work out in the long run, but it has this going for it: it was very clean. After a test bowlful, I didn't wash it at all, and didn't cloud the water even a little.
Lots of floaters, but most sank once I stirred them up. It made weird little floating balls, but those are coming apart since I turned the filter on and filled the tank up the rest of the way.