This is a good subject. I have fished them for a bunch of years, more than I can remember. I've caught fish of all varieties and sizes from the smallest perch to some pretty respectable smallmouth and largemouth. Although I don't fish them as much as I used to I have bought a few recently to restock the tackle box and plan to use them more this summer. I prefer the deep diver teeny wee craw with the green back and orange belly . I've tried the brown back, but it doesn't seem to produce as well. Rebel has made a few slight changes in the color recently. They aren't the shiny paint as before, but still similar with red hooks added. They will catch fish in almost any situation you run into. They are a great and productive bait to introduce a kid or newcomer to lure fishing. Just cast and crank. They also make a pretty good topwater bait. Just cast to the bank and those big perch will nail it.
As Stoneroller said, the hole between the pinchers can be a pain, but it may be what sets it appart.
While walking the fishing isle of Wal- Mart last night I found some new small crankbaits made by Arkie that look almost exactly like the Rebels, 2 minnow baits and teeny craw. The main difference in the craw is that the paint is somewhat muted and is more white on the sides instead of the light tan that is on the original Rebel. They have also filled in the hole and the price is only $1.96 compared to $4.96 for the Rebels. I bought a one of each and I hope to try them out soon.