Mixed up a batch, going to try it on a simple pie with basil. Just from the bit I've had from the spoon I think the flavor is a bit muted by that of the Olive oil. I'm using bertolli EVOO, not sure how that stacks against other olive oils. On the first pie I make I'm going to throw on a few teaspoons and see how it plays. After that I may end up tossing in a few more peppers (I used 12 in 2/3 cup evoo) and pureeing it in the vitamix, followed by a quick re-simmering on the stovetop, or I may even try my hand at microwave extraction ala Red November.
In any case, I'm excited to give it a shot.