iolo Personal Firewall seems to offer the same protection as its larger rivals, and port scans and probes will confirm this. The only thing against it is lack of configuration and reporting!
There are very few options to change and the application seems to automatically deal with most events rather than asking you as others do. While this may not sound like a bad thing, at least others offer the option to turn the feature off--Iolo does not seem to have it at all! The reporting detailed one blocked event within a period of a couple of hours, through heavy usage and testing with a variety of different applications.
For anyone who needs to easily change port settings and application access, there isn't much help or scope for making changes.
As a result of these shortcomings, Iolo has created a very easy-to-use iolo Personal Firewall application and although it may not be of much use to networking professionals and businesses, it would be great for computer-illiterate households. You can't break it--and it does all the work for you.
In short: iolo Personal Firewall has all the features, and manages them itself.