I've wanted one of those for a while...to make the bindings for all of the bags that I make. Went to JoAnn's and they don't have the size that I need. This one that you posted doesn't tell you the size :(
The one that I need is 50mm which I THINK is 2". I was never good at converting...lol.
I tried the pin trick and it didn't work real well for me. Of course it was the first time I ever heard of it and I expected it to work perfect right away. I gave up and ended up just using the iron and a ruler. Maybe it's something you have to "fool around with". I get impatient REAL QUICK. lol