I had a coupon in my pocket and they had one left in stock, for 67 bucks how bad could it be?
Turns out it's not bad at all. Sure, it's cheap and chintzy and you have to be careful with setup, but it cranked up and ran fine out of the box and can produce a decent edge fairly quickly. Not a superb edge mind you, but one that a few passes on a hard arkansas stone can finish up nicely.
The stone holds a lot of water--I put a small nalgene bottle full in the tray and the stone emptied it in about 30 seconds (note--I don't mean it splashed it out, I mean it soaked it up). The second bottle full filled it to the mark and the level pretty much stayed there.
Overheating the tool is _not_ an issue--the edge is completely immersed in water the whole time that sharpening is going on.
I put some pictures of of it in operation and of the results at