I bought one and have whittled out a couple dozen shafts so far. It works really well with pine (all I have tried at this point), not sure how it will handle the harder woods.
A word of advice, when you get to where the drill is hitting the cutter, unchuck the drill and chuck it up on the other end and continue to pull it through (reverse the drill...) the same direction. I tried just pulling the shaft out and flipping it over at first but it didn't work well. The result was the last 4-5 inches was offset slightly from the rest of the shaft.