Ok. Here's my report. I had decided not to go to the London outlet because of the difficult location and it sounded like there might be nothing good there. However, I woke up early on my first day in London and my first thought was that I just had to go to that outlet!
We ended up taking the tube to Bethnal Green and then hiring a cab. The area was rather rough plus it was raining heavily and was very cold. It was worth the 7L each way for the cab. Not to mention that there was NO WAY we could have found the place on our own.
The report: I thought it was worth the trip. I did get a nice quilted jacket and a couple of scarves. The scarves were plentiful. No trench coats to be found. Clearance items were mostly unappealing. There were several nice bags but the only Nova Check bags were very expensive (I thought). Since most of the stuff is second quality, I think you can get a first quality Nova Check bag in the U.S. for the same price or less than the outlet. We went to Harrods the next day and the bags there that were comparable were only a slightly more expensive.
However, I think I got a great deal on the jacket and scarves. And it was a lot of fun, if not an adventure.