I have one. I like the look it provides and I've gotten some compliments about it, but otherwise it's kind of a pain. Initially, I wanted a full steel bumper with the swing-out tire carrier. However, I got the fold-down because I wanted the option of holding my spare, a rigid led light, and my fuel can without having to let it go if I sold my T4R. My idea was I would transfer it to my new vehicle and still retain all the functionality.
Functionally, folding the tire down is no different than swinging the tire out. Except, the tire is obviously heavy. Usually when I get groceries or have other stuff to throw in the back I just put the window down and I'm good. However, after owning it for six-months I'd say it's just a big headache. Aside from groceries and small bags, putting things in the back is now a pain. The swing-out just works better when camping. I initially, thought I add a table to the fold-down, but it sits to low to be useful. I can't tow anything which comes up a lot. And I can't go through an automatic car wash (which I'm forced to use due to water restrictions) because it gets in the way. Eventually, I plan on adding it to my trailer because it won't be in the way nor will it have to move.
Hope this helps in your decision process. It might be right for you, but for me it's just a pain.