The major bottleneck in this unit is of course the USB 2.0 connection, with a theoretical maximum throughput of 480Mbps the ATA interface is certainly going to be doing the waiting (ATA66 running at 66MBps). This is far from slow; you can estimate about 1Gb per minute on USB 2.0 as opposed to a whopping 17-18 minutes for USB 1.1.
The uses for the IB-350BL are many; external storage, extending a laptop's small hard drive, multi OS data transfer, Data Backup to mention but a few. Even if you have a spare hard drive crying out for a use this could be exactly what you are looking for.
You may be able to find something similar to this for a little less, but the build quality and style that exudes from this unit far exceed it's paltry price tag of £30 so I thoroughly recommend it. Be careful though, if your work mates see it, you will probably have to point them toward this review to save on your vocal chords!