Well, no more skepticism here. I've only just started, but my first two loaves of bread came out perfect (and fast). There's no kneading involved, and while the 5 minutes doesn't include resting time and baking time, it's pretty much the actual time spent working with the dough (quickly stirring together water, yeast, salt and flour and then later shaping it into a loaf). Also, since this dough makes enough for 4 1-pound loaves and is refrigerated for up to 2 weeks, loaves 2, 3 and 4 are even faster since the mixing has already been done.
As an extra, I found a recipe which pretty much mimics this process, but makes only one loaf which is mixed in a ziplock bag (no mess). I haven't tried this yet, but it would save storage space and cleanup if a person only wanted a single loaf. Here's the recipe at Something Edible.