It is the way to go for Canadians. It is usually easy to get in contact with the main dudes if one has questions or concerns, either through email, irc ( virtex and Grady2000 at http://webchat.freenode.net/?channels=#bitcoin-cad
) or even give them a phone call (contact information available on the cavirtex.com website).
The online bill payment option takes a couple days but is free. Once one deposits money there they can then move their bitcoins to other exchanges for some arbitrage opportunities... too bad there isn't an easy, cost effective way of moving money ( USD, CAD ) back and forth from MtGox or Tradehill etc. It doesn't sound like they will be supporting paxxum, for instance, anytime soon.