There is a very similar product called the Ultimate Light Saber from a few years back out there [not Clone Wars affiliated] so don't confuse the two.  This is new version and here are the Pros and Cons.

Pros:
Multiple looks - As the box implies, you can make several different looking saber hilts. I would not go so far as to say over 1000 combinations like the box does. You'd have to count every smallest variation, no matter how small, possible to make that number..  But you have enough parts to make several cool and distinct hilts.

Parts - And those parts are, 1 main hilt for all parts to attach to and where all the electronics are, 1 clear saber blade, 3 rings [the top that holds the blade] one of which has a detachable blade guard so could be counted twice, 4 hilt sleeves that can be placed in various combinations, 5 end caps, and 3 crystals [Blue, Red and Green].

Lights - These crystals can be stored in a compartment in the bottom of the hilt or placed in slots in another side compartment to control the color of the blade.  You have red, blue and green but you can also mix and match the crystals to get purple, white (pinkish white), yellow and aqua for 7 colors.  My favorite is to just leave the crystals out entirely so that every time the saber is activated is cycles to the next color.  All these lights are generated by combinations of 9 LED lights in the hilt, not bulbs which is a big plus for durability and no lenses needed.

Sounds - Each color gets a sound.  There are 3 distinct "saber hums" depending on what color the blade is.  Where one generic hum probably would have been expected they put in 3 and that is pretty cool.  Each hum also has its own distinctive active and deactivate sounds.

Hit Sounds - In addition to the hums and activation sounds there are about 4 hit sounds which are various swings and saber clashes that are activated when you strike something [like another saber]. It is not motion sensitive though, you do have to actually hit something but...

Durability - As much as I've changed the parts, pushed and pulled crystals and swung this around and banged it around with the kids it still looks like new and I've had no issues with anything breaking.  That's a big plus in my book.

Cons:
< 1000 - Like I said, you'd have to be counting all the sounds, lights, putting things on backwards and upside down and all kinds of crazy stuff to get up to 1000 combo's. But I have about 4 really cool hilts I like plus the different sounds and lights so I'm happy.

Fighting - Because of the interchangeable nature of the toy it can sometimes happen that the ring gets loose or the sleeves move around a bit.  But, once I found my favorite hilts and was sure to tighten them down I was in good shape.

The "L" Cap - There's some Sith [Maris Brood] that uses a handle on the side of the saber [like a billy club] and this cap is included but it is hard to use and a bit odd feeling plus for some reason they did not include a hole through which you can actually turn on the saber without doing that first then screwing the cap on.  Weird.  So, I just don't use it.

So six to three, pros win!  And really those 3 cons were a bit of a reach and don't affect the fun of the toy really. With several cool looks and tons of different colors and sounds this is a solid fun and cool toy that I recommend.