Out of other similar products I've tried, the Varigrip does a slightly better job. It's made entirely of plastic, but doesn't feel too flimsy in your hand. The rubber padding for each finger as well as the palm holds nicely and won't slip too easily.
On the downside, it is a little noisy. The springs and plastic -combo cause a minor screeching sound when pressing the grips down. There really isn't terribly much room for adjusting the tension, either. And finally, turning it around to supposedly harden your fingertips as advertised is a joke. There's just some little nudges on the plastic frame you're supposed to press your fingers on, and that supposedly simulates guitar strings - utterly pointless.
I don't regret the purchase, I use it as a stress toy at work - but no one really needs one of these to develope finger strength.