The initial version of the Catweasel was introduced circa 1996 and has since undergone several revisions. The Catweasel MK2, for the Commodore Amiga 1200 and Amiga 4000, sold out in October 2001. The MK3 added PC compatibility, sold more units than the MK2, and sold out in mid-2004. It was succeeded by the MK4.
Because of widespread shortage (due to low production volumes) and relatively high demand, older versions of the Catweasel can accrue high prices when sold privately; for instance on the Internet auction site eBay.
The SID chip socket allows Catweasel users to play SID chiptunes on the real chip instead of relying on software emulation for original sounding SID playback. The WinVICE emulator supports the Catweasel's SID features starting with version 1.13.
As of September 2004, software support for major operating systems such as Windows and Linux was limited, although new drivers and hardware were under development (see below). The most promising development for the floppy controller portion was reported to be a modular software product for Windows called Arjuna, the first public version of which was announced on 8 February 2004.
The latest versions of the Catweasel make heavy use of reconfigurable logic in the form of FPGA chips. On the MK4, software drivers may update the hardware directly so that e.g. unsupported disk formats at the time of shipping can be added simply by downloading the new setup code through the Internet and then reprogramming the hardware core with the Catweasel still sitting in the host computer.
The Catweasel MK4 has drivers for Linux, Windows 98SE/ME/2000/XP, and Amiga OS 4; additionally, the intention is to support Mac OS X at a later date.