I'm not sure if any of you know about this, but it seems to be better a better solution than other vari-ND filters. Sharpness doesn't really degrade until about 5+ stops, strong colour casts appear at about 8+ stops. but as soon as you mount the polarizers, contrast and saturation are reduced.
http://dimagemaker.com/2008/02/23/using-crossed-polarizers-for-a-variable-nd-filter/
http://dimagemaker.com/2008/02/23/using-crossed-polarizers-for-a-variable-nd-filter/