After being able to play with the T-2204X and K20X for a few days, here are my initial thoughts:
Build quality:
This thing is solid! You can tell it was built well. Tolerances are very exacting. The threaded portions under the twist-locks are aluminum. The twist-locks themselves are beefy, and lock/unlock with a 1/2 turn twist as advertised. The K20X ballhead is rock solid for my setup. The tension on the main ball has a fine level of control, and is very smooth (no jerking, no sudden flopping-over of your camera, etc). The panning motion is also silky smooth. The spider is aluminum, anodized I believe.
Functionality:
Being a travel tripod, it's not the tallest. Fully extended with center column extended, it's plenty tall for me (I'm 6'0") Using the short center column only, and fully-extended, the camera sits somewhere around 5 feet tall. Not a big deal as I rarely need anything higher for what I do.
It does fold down rather compactly, but only when the longer center column is used. If you have the short column on, then the legs won't close all the way when reverse-folded up and over the ballhead portion. Not a huge deal as this is already a compact tripod, but something to consider.
The center columns, long and short, are kind of weird. The short column can be used with the long column to get the max extended height. It can also be used by itself to get very low to the ground shots. Unfortunately, if you use the short column only, then you're left with a threaded bolt hanging out the bottom, unable to make use of the hook to hang your bag (because they are completely different thread-patterns). Would've been nice if that hook could be attached to the small column, instead of a bolt hanging out :/
Also, I'd like to be able to attach the ballhead to the spider directly instead of using any column, but of course this isn't the case 
Rigidity:
Overall I'm very impressed by the rigidity. Movement (like me tapping on the legs) does not transfer much (this is a very good thing!) Any movement is well controlled, and quickly diminished. This is the main reason I bought a higher-end tripod. If you angle the legs out to the 45 deg position, and then splay and extend them out, there is about an inch or so of flex I've noticed (basically it reacts like a trampoline, bounces up and down, but still well controlled, and diminishing quickly) In that position, you'll want to take care not to accidentally touch or bump the tripod. In windy conditions, I suspect you could notice some movement (this is untested by me as of yet)
Conclusion:
I'm very happy and very impressed so far. For the price I think you're getting quite a bit for your money. It's compact, relatively lightweight, and plenty solid for my uses. If you need more beefiness, get a 3 section with no center column. If you're a pro and demand the most of your gear, maybe look at Gitzo and RSS (I have no basis for comparison)


