Terrible, I usually clamp the stuff between two straight boards and cut it with a razor knife, takes a couple or three passes. It helps to keep the blade sharp, and to put a little downward pressure on the part of the rubber that's sticking out between the boards, this puts tension on it and allows the blade to cut deeper. Don't EVER put your fingers AHEAD of the blade's direction of cut when applying this downward pressure though - some guitar chords take all TEN fingers to play right :=)
You'll want to double up the 1/4" for floors, you don't ever want it to "bottom out" - I'd use ordinary contact cement, and glue the two pieces of rubber together and to the bottoms of the joists.
Spacing is another story - depends on a combination of whether joists are on edge or flat, what size the joists are, and how much weight (total, including any walls that are floated on top of the floor) - I posted a way to determine all this (case by case basis) on John's site some time back -
http://www.johnlsayers.com/phpBB2/viewtopic.php?t=839&start=0
Casenpoint, I've seen those, but didn't check to see if they spec the durometer hardness or not. I've also seen posts where people have used cut up horse mats - those 4' x 6' x 1" thick mats you can get at tack shops and farm supply places - I have one of those I cut in two for anti-fatique mats in front of a couple of workbenches, but I feel like they're maybe too thick for floating floors. Too much thickness, and you take the risk of resonance making things WORSE instead of better.
I've talked to Jeff Szymanski, head acoustics engineer of Auralex about their "U-boats" - they are made of EPDM rubber, which he stated has longer life than Neoprene (about 10 years for neoprene, around 25 or more for EPDM) - If I remember correctly, the Duro was the same (60) but their site doesn't go into spacing other than to list one size fits all.
I haven't gotten an answer back from him on how that's possible, I'm thinking at this point that it's a matter of product liability - they may be more concerned with structural failure through too high a point loading than they are about acoustic performance. Not sure. That's the cool thing about life - as long as there's more of it left, there's more to learn...
Anyway, check out that link above - I doubt I've learned much more on that particular subject since, but I may have missed something... Steve