We've had them a few times around here. The kids loved them the first time -- probably because they were a novelty. When the "new" wore off the concept, they started nibbling on them and leaving them unfinished (and they're small -- more like half a sandwich). I tasted one, and I understand why: they taste stale.
I bought the round sandwich maker discussed above (might be Pampered Chef, might be a knock-off -- don't remember), and the kids love sandwiches made with it. The difference: they're fresh.
Since this is the budget board, I'll throw in a budget tip here: This sandwich maker is a bit wasteful, leaving behind a large amount of "corner" bread. I keep a ziplock in the freezer for corners, and when it gets full I make it into stuffing -- free stuffing essentially!
mrsschlep -- I use cookie cutters too when I'm in super-mom mode. I like to cut a shape into the top piece of bread and let the ham/cheese show through.
kldmom2000 -- Without having seen it, I suspect your bread is "ripping to shreds" because you're putting too much "stuff" into the sandwich. Very little filling can fit into this style sandwich.