It's pretty cool. I saw this today for the first time at the NAB Post Production Conference. One of Bogen's guys brought it by, and it is VERY weird, but pretty cool. It was funny watching some of the guys in there trying to figure out how they could make their own on the cheap really quickly.
I think you'll see some other kinda cool, but strange things at NAB this year, based on what we're seeing set up on the show floor.
The wheel hardly seems necessary. Just a bar with a handle on each end. Of course the wheel gives more periphery for clamping things to it. Since its usefullness is directly related to image steadiness and smooth movements, Spot did you actually try it to support your "cool" classification?