Sun Gro Grower's Grade Blue LFS?
 

Does anyone have experience with this product? TIA!

the substance you are referring to is peat moss...or as they say Canadian sphagnum peat moss. (CSPM) is partially decomposed sphagnum moss.

Sphagnum moss and sphagnum peat moss are not the same product.

Sphagnum moss is the living moss that grows on top of a sphagnum bog.

Sphagnum peat moss is the dead material that accumulates as new live material grows on top and exerts pressure on the peat moss below.

Sphagnum moss is a living plant, peat moss is dead.

which would you prefer to use living material or dead? ;)

You have hands on experience with it?

If this is peat moss, I have used plenty of it! I grow quite a few plants that need a lower pH and this is one of the components I use to build my potting mix. Even if it has some bark chunks, I usually add more to loosen up the soil.
I have not used this brand but most peat mosses are pretty much the same thing.
I usually have a bag of perlite, vermiculite, bark, peat and organic fertilzer and then mix appropriately to the pH that will be needed by the plant. I usually add as much perlite as peat to keep my potting soils loose. I hope that helps.

It's my understanding that this product is what has to be removed from the bogs before they get down into the peat. Which is sphagnum. I'm really looking for someone who has laid eye/hands on it for confirmation.

Are you using this for orchids, then? I would just go with a reliable orchid vendor and buy the higher grade New Zealand sphagnum moss. I get mine from Wayne Roberts of Roberts Flower Supply but many vendors sell the good stuff, too. I don't use very much now as I mostly use Aliflor and red lava rock but for a while I was using quite a bit and it is really worth the extra money to buy.
I did look the stuff up and it mentions bits of bark which is what made me think it might be peat moss. The stuff I have used for orchids is very much a dried up plant and doesn't have bark in it. But, then, I really do not know as I have never seen it.

I plan on using it for a large outdoor terrestrial orchid display, and will need about 10 cubic feet. Don't think NZ sphag will fit in my budget.

You might want to contact someone who grows that type of terrestrial orchid, then, and ask them how they amend the soil for their orchids. Good luck with your set up. My terrestrial orchids are limited to vanilla and Pleiones...not very useful. :)

You might want to take a look at the chunky peat offered by Roberts Flower Supply. It is peat that has not been milled into the powdery consistency of regular peat. Chunks are irregular, ranging from 1/4" to 2".

When I lived in Europe, we could get chunky peat that was graded. I used 1/2" for Paphs & Phals (mixed w bark, charcoal & LECA), and 1" in a similar mix for Cymbidiums.