It has been around for almost a decade in two Beta forms and the current first edition. I got introduced to it in 2001-2002 as part of the second beta version. My first Greek prof was a Dallas grad, and almost all of the translators of the NET are from DTS. So as a class we used it in terms of our study and in submitting comments back to the editors. They have not really invested a whole lot in printed Bibles because the point was to have the entire translation available for free online. If my memory serves me correctly, it started at a conference where some Bible scholars thought it would be a great idea to be able to put the entire Bible online for people to download and use for free. Initially, they thought they could talk to the National Council of Churches or American Bible Society and pay an extremely low licensing fee for such a noble cause. However, no current translation owner was interested, so they decided to do a new translation, which they would own, and put it online.
The approach is similar to NIV as a dynamic equivalent, more of a thought for thought translation. Some of the biggest complaints are: first, it was written by a bunch of DTS profs! Some love that...others hate it! The other issue I have heard was the translators made a very intentional decision to try to translate the Hebrew Scriptures without a Christian emphasis. They tried to translate it from the perspective of the original audience, so instead of "virgin" they went with "young woman" in
Isaiah 7:15. I agree with Susan, it's greatest strength is in the translator notes. They have proven helpful in my own personal study...if only to give an insight in why a translation decision was made the way it was, but I have not preached from it very often.