I have occassionally seen posts from people asking about this sight. I bought one last year and love it.
The sight has a vertical and horizontal adjustment via wingnut style screws that affects the entire circular portion of the sight. You should be able to see that from the photo. The Trophy Ridge installation instructions indicate to sight in the first pin (typically the 20 yarder) via moving the entire sight around. Once that has been set, tighten everything down. Then proceed to sight in the remaining pins.
I followed those steps and got my 20 yard pin set. Actually, I set it to 15 yards. Once it was set, I tested the 25 and 35 yard pins. The 25 yard pin wound up being perfect! The 35 yard pin had to me moved very slightly. To move these pins, just release a small lever under the rest for the cooresponding pin. Then adjust the vertical position of the pin. When it is set, slide the lever back to lock the pin. Very simple and no tools required. My old PSE sight required me to get a wrench and unlock two nuts just to move my pins. It took me no more than ten arrows to get all three pins of my Trophy Ridge dialed in to an acceptable setting!
The sight pins themselves are clearly visible for me. I wish they used a stoplight coloring scheme though. I like red for 15 yards, yellow for 25 yards, and green for 35 yards which has the obvious benefit of keeping me from screwing up. My Trophy Ridge came with green, red, green. I don't know if it is possible to get a replacement but I imagine I could.
Having the pins line up vertically works exactly as advertised! It definitely helps to give the archer a better sight window with less intrusion from the pins. I found that it even allowed me to control the wobble while aiming a little better because I could see the rings on my target easier.
The sight seems very durable and worked flawlessly for me last season. I highly recommend the Trophy Ridge Flatliner. It's definitely going to go on all my bows.
-Mike