HANTEK 4032L - for use as protocol analyzer

[bsb0011]

I've seen some posts here where someone was asking about XYZ logic analyzer and someone else would throw in the HANTEK 4032L or some other cheaper Chinese knock off of the Saleae USB logic analyzers.   What I have not seen is a review of the HANTEK 4032L for use as a protocol analyzer.  I do some hobby level embedded microcontroller design, and use a lot of I2C, 1-wire, SPI, MIDI, DMX-512, PS/2 Keyboard and RS-485 communications.  No matter how careful I am, I somehow always seem to screw up the communications and spend WAY to long debugging my projects.  Quite often I am trying to connect to other commercial gear that has a serial interface, but no documentation regarding how to interface to the device.  I enjoy making things talk together that were never designed to work together.

I am not looking for high priced commercial lab equipment, this is for my home lab where I can trade some performance for a lower cost.  My budget is around $200 (US) for a useable device.  As I have a Tektronix Logic analyzer (an older 1230 with personality modules for most of my favorite old school microcontrollers), I am not looking for a serious workhorse of a LA, but having a handy (and portable) USB LA that happens to also be a protocol analyzer would be a nice touch.

So here's what I am looking (asking) about.  I want to know how you think the HANTEK 4032L functions as both a logic analyzer and protocol analyzer.  What is the good, the bad and the ugly?  If you think I am looking in the wrong place for my $200 (US) budget, then what other device do you think I should be looking for, AND WHY?