No, thankfully, as I used it quite a bit on the later levels.  It's a legit item; I think the only way you can get it is by catching Nabbit.  And it reverts back to a standard squirrel suit once you complete a level, so you can't use the same one in more than one level.

Right. It's not the same as whatever comes out of the Super Guide box (which i've seen twice but never touched).

Nor is it particularly overpowered. Faster glide speed and infinite mid-air-jumps (but mid-air jumping slows your flight speed). It's just really helpful for stuff that you would otherwise have to make very tricky jumps to access.

I still haven't tried one of those P acorns

can U play 5 characters at the same time?

Yes, four players using wii remotes to control characters; and one person using the gamepad placing boost blocks

Same here. My guess is they work similar to 3D Land's Power Wing, which takes you to the end of the level.

No, nothing like that.  It's not a cheat method; it's basically just a squirrel suit with the ability to keep flying that makes it much easier to get hard to reach star coins, pipes at the top of the screen, etc.

The secret exit to the hidden level in World 2 was much easier to find than the secret exits in World 1 and 8.

I now have all star coins in 3 worlds.

I was saving money for it but I got water on my MacBook so that money went towards my iPad. xD

Did anyone else find the towers to be more challenging than the castles?