Thankfully I never wasted my money on that or many other "cana-specific" products either for that matter, except for buying EJ once, although its not a bad product, just overpriced like you say.
EM is some good stuff for processing raw organic matter. I had a severe fruit fly infestation in my worm bin, so I stopped feeding and soaked the bins with a 250:1 dilution. Two weeks after spraying with EM, the fruit fly population has now crashed (it's safe to open the lid once more) and worms are bursting through the cardboard sheet I keep on top.
I've also been using it to treat dog breath by putting a couple drops in the dog bowl.