I'll say it again ? it does what it is supposed to! And at this price (a fraction of the currently available Boss VB-2W), it is worth getting if only to find out what this effect could do for your setup.
This has proven quite useful to me when kept immediately before all other effects. Does not hurt to turn it on once in a while to hear what it does to the rest of the chain, as it didn't add any terrible amount of noise (not enough to notice, that is). For example, it adds a chorus-like edge to any distorted/fuzz tones, and any type of delay becomes 'modulated' without actually using a mode with that name.
Using the 'unlatch' mode on a regular basis is likely not to be recommended, though, considering the plastic enclosure and the microswitch that is inside (and that, in turn, renders the 'rise' knob completely useless). This is definitely all a different story on the Boss that supposedly inspired this pedal.
Beware that the rate knob at its minimum setting is not very slow. But that is to be expected from an analog effect (from what I understand about them, anyway). Therefore, if you're looking to emulate shoegaze-type whammy chords (without an actual whammy bar), you're much better off looking at digital solutions.