I know there was a thread about this and another new gadjet not too long ago, but I can't find the thread.
As I recall, it does make the kind of tape that is folded in to the middle on each side -- similar to the Clover bias tape tools. In fact, someone pointed out in the picture that was posted that this type of tool seemed to be imbedded in the gadjet.
Also, someone posted that there could be a problem with getting the fabric to cut correctly. Seems to me that poster mentioned that this "new" gadjet is simply a home remake of a commercial item. I'm wracking my brain trying to remember what the potential problem was with cutting the fabric, but just can't remember the details.
If someone else remembers that thread, maybe they can post a link to it.