This reply's a little long, but I've actually got a fair amount of seat time with one of these. In the right circumstances, they will perform just fine.
Long before I got my Kubota with the Woods BH6000, I bought a used trencherman. It suited my needs perfectly for what I needed to do. Although you aren't supposed to, I towed it on the road for short distances. It was light enough float it on a dock out to my island property in Casco Bay, Maine; and I could leave it out there without much fear of someone making off with it.
I can pull it around with the ATV hitch no problem. When you are ready to dig, you can configure it for either 3-point (2 wheels in front and ball hitch in back); or 4 point (2 wheels in back and 2 stabilizer legs in front). In 4 point mode, you maneuver around by rotating the unit using bucket down pressure to lift the front stabilizers and allow the wheels to roll. You won't cover a lot of ground, but it's quite effective for tight areas and short distances.
The trencherman actually stays planted quite well in both configurations. The downside to using 3 point mode is that you need a LOT of weight on your hitch/tow vehicle; the thing has a lot of power and would easily rip apart an ATV hitch. I hitched an old Cub Cadet 1250 to it with filled tires and wheels weights and it could still loft the rear end of the tractor. The downside to using 4 point mode is that the ride can get quite bouncy, especially dealing with stumps and boulders - all of the digging force is transmitted through the frame, but there is no weight to damp it down like there is at the hitch in 3 point mode.
This thing can do a lot of work. It will outdig my BH6000 by a wide margin, and I would tackle stumps with it that I wouldn't even consider with the Woods. (One of the previous owner, a grave-digging operation, pimped it out a little with a larger hydraulic cylinder, a new B&S industrial engine, and they lengthened the frame tube to the 3 point hitch). It is excellent at digging straight-line drains and such. It is, however, a bit of a pain to move it moderate distances around a property.
Wkheath, I am finished my jobs with the trencherman and would be willing to sell it for less then $2k; however, you gotta transport it off an island %^)