I have been doing this for years and it is wonderful caramel. I think the taste is far better than anything that can be bought. It is a thicker caramel, not a pourable syrup. Just make sure you keep topping off the water and you should have no problem at all. I have a 6 quart pot that is used specifically for this purpose, as the long boiling time causes a buildup on the sides of the pot. I can boil 6 cans at once, making it worth the time and energy. I don't bother with turning the cans, and have never had any problems with burning. I also let them cool completely before opening. I like it better chilled than at room temperature. This is wonderful for dipping apples in, spreading on the top of shortbread cookies, or just eating right off a spoon!!!
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I have been doing this for years and it is wonderful caramel. I think the taste is far better...