I wanted to use this to mount a cowbell to my bass drum hoop. Although I can't really fault the build quality out of the box, I found it was difficult to get a stable mounting without really cranking everything down - which could potentially damage the drum hoop.
Yes, it does work, but I don't like its clamping mechanism, which I am sure will damage the drum hoop over time. Frankly, I would recommend clamps such as the DW Claw Clamp as being much better and less likely to damage the drum.
I see another reviewer was very happy with this item, but my experience has been quite different and I can't recommend this product. :-/