I use this for stringing spinning reels and it works well with the following modification. Search for 'Berkeley Line Spooling Station Issues Resolved' to find a nicely done article on how to modify for fast, one-handed stringing of spinning reels. It is a cheap, easy fix. Leaving the rubber band on while stringing keeps the string from unraveling and provides the tension for smooth reeling.
The line strippers works fine, much faster than the soup can and bolt setup in a cordless drill. This is outstanding for freshwater bait casters, it keeps adequate tension. However on spinning reels there is no way to keep tension on the line unless you simply pinch the incoming line with your fingers. I don't know why some line manufacturers insist on putting odd indents on the lip of the spools either, makes spooling spinning reels a pain. The threads on one of the collars that holds the tension stripped out the second time I used it. A material other than the soft brass would be a good choice. Overall, not bad, but could be better.