In my opinion this is a good thing: it provides a means for anyone to get a spinner at a lower price, and I don't think it's going to be the downfall of the higher-priced spinners since those are selling to a different market segment.
And I agree, with decent care (and avoiding offbalance loads), it should last long enough to be worthwhile. And it's such a simple design it should be possible to repair and keep it in service.
This unit appears to have a water inlet in the upper left corner, across from the timer knob. It also appears that the folks who are selling it don't quite know what that's for (since they don't mention it on the website), so perhaps one of us who's familiar with the UK style of twin-tub spin/rinse procedure should send them email to let them know.
The clear perspex window in the hinged lid also gives you a view of the process, and a chance to get good and dizzy watching it
The only shortcoming I can see is the relatively low-level gravity drain. There isn't a pump, water comes out via the outlet that appears to be only about six inches from the floor. This must have been designed for installation in places that have floor drains, since collecting water in a pan is probably not sufficient for dealing with the volume of water that comes through during a spin/rinse.
However you can still try puting a pan down there -preferably as large a pan as you can get, though emptying it could be a challenge. Alternately, take off the 90-degree elbow and attach a length of plastic hose, and run it to a drain in a shower stall or out your back door or something. NOTE: the hose should always be at a lower level than the drain, i.e. you can't hang the hose over a bucket and expect the water will be ejected under the pressure of the spin cycle. Instead what will happen is, the water will back up in the outer tub and cause mechanical problems. So if you use a hose, it has to flow downhill all the way.
Despite the above limitation, this looks like a good solution for all the folks who love their top-loaders and want a really strong spin cycle to cut down on the cost of running the dryer (i.e. from a one-hour dryer cycle to 15-20 minutes). It'll be interesting to read the reviews by the first person here who tries it.