I attended my first TestStand course in 2004 and have been working with TestStand on a regular basis since 2008.
To me it seems that every one who has replied to this thread until now is making the most common miss assumption about TestStand: "TestStand is a test sequencer".
Of cause you are right about that, but it is so much more. With TestStand you get a toolbox for creating your own test management frame work. This means that you as a test developer need to spend some time getting to know you toolbox, just like you had to learn how to program in LabVIEW at some point. An yes, TestStand is a complex toolbox to get your head around. That is the trade off for the flexibility you get.
In the posts here I have not seen one challenge that I could not implement and make work in TestStand, just as easy or easier that in a custom LabVIEW sequencer. And when you are on the track with TestStand, you will realize all benefits like batch executions, reporting and property loading. Of cause you can implement and maintain all of this your self, but they are handed to you with TestStand and NI will maintain the fundamental function for you.
However I do agree with Chris_Collier that it would be nice if NI provided a course on how to make high level architectures with TestStand.
So I guess my point is this: Do not just buy a TestStand license and start using it out of the box as a simple test sequencer. You need to be clear about your goals for the test system, learn how to use TestStand and then learn how to implement you test system with TestStand.