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I certainly understand the skepticism and caution about EquiSim. If I didn't already own ES and didn't have some interaction with Nathan I would probably be thinking the same thing as mikesal. It's not a $20, $30, or even $50 program, so if anyone has doubts about a program that hasn't been updated in 7+ years then don't spend the money.
I gave my reasons for why I no longer use it, and it's certainly no "black-box-click-a-button-and-spit out-40% winners-at-a-$12 mutuel" kind of program. (Good luck finding that kind of software anyway.) I liked it a lot because the features it had suited my style of handicapping. That may not be true for others so try the demo. As JR said, Nathan is just not the kind of guy to rip people off. He probably doesn't care if he sells another copy of ES (nor do I care if someone buys it), but afaik he still supports it.
As with anything, caveat emptor.
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