They are a great scanner. I use the PSR-500 which is identical to the 1040. You can assign individual conventional channels and individual digital talkgroups to scan lists which is very convenient. This model also offers numerous options for handling multiple sites in a digital system (Roam to lock onto a strong control channel based on settable thresholds, Stat/yes to check all control channels each scan cycle or Stat/no to check a different control channel each cycle out of a list of control channels). No other scanner offers all these features.
The mobile version suffers from interference (esp. when used with an external antenna) however I have not noticed any problems at all with the handheld version of this scanner using RadioShack's 800 MHz whip antennas (one of the best antennas around for handheld 800 MHz scanners). I use it all around the Denver area and front range Colorado with half a dozen systems (EDACS, P25, etc.) with no problems.
The only issue I have had is that the keypad (bottom of the keys that make contact with the board) flakes off inside the scanner with time. If a key gets stuck you might have to open the scanner and blow out any flakes that have fallen off the bottom of the keypad buttons. If a key stops working you may need to buy some keypad repair on e-Bay to fix the button(s). I've had to blow out the flakes once but have not had to repair the keypad over the last ten or fifteen years that I have owned it.
It is only a P25 Phase I scanner which may be important if your system ever upgrades to Phase II.