I don't have experience with the product itself, but my midwife had me bind my belly this time to help my uterus shrink faster, which was supposed to help with post partum cramping/contractions. It must have worked--my cramping was very minimal, which is rare for me, and my belly is already rather flat (unfortunately, my legs are still huge, which means pre-pg jeans are still a long way off). You can do it with a maternity belt, or wrap your belly tightly with cloth (nothing too stretchy, but it needs a bit of give to it) and safety pins.
Re: Anyone used a 'Belly Bandit' - compression wrap after birth?