I saw a Transit at my local OUAC, and knowing you folks with twofers are always looking for good lightweights, I fiddled with it a bit.
First off, it doesn't weigh 27 lbs. That may be the shipping weight, but it's not the actual weight. It's no heavier than my Peg Pliko single, which is 18#.
I was easily able to lift it onto and off of a rack that was more than 2 feet above my head, and I could not have done that without effort if it were nearly 30 lbs.
It *is* an umbrella fold, and it folds like a Mac. Pull up on the back cross-brace, then pull the finger tabs and push the handles forward and down toward the front wheels. The sides will move toward one another as the frame collapses forward. When folded, it is about 45 inches long and maybe a foot square, your basic long rectangle, again about the size of a Mac SBS when folded, but probably a little longer and narrower. The shade is pretty generous, though I don't believe it completely extended over the front seat. The front seat is a padded sling-type with side bars, the front seat is upright at all times. The rear seat is meant for the smaller child, and will recline completely flat. The harness is 5-pt on both seats, which are stepped so that the back seat is higher than the front, stadium-style.
The oddest thing about it is the "basket." It isn't one. It has storage under the higher back seat, but it can better be described as a cubby; a square area that is accessed from the sides, rather like the space under a school desk (only smaller, of course.) As it is an umbrella-type stroller, I'd recommend using a backpack diaper bag and just slinging it over the handles; not using the basket in parks is wiser, anyway, no need to dig stuff out to fold it. I can't tell you anything about the handling; I didn't put any kids in it.
It does have decent-sized wheels, though, and the rear wheels are doubles.
As far as I've been able to determine, the only two online dealers who have it are
www.albeebaby.com and
www.babyage.com. It's $139 at both of them; there are some coupon codes and free shipping deals that apply at the moment.