Looks awesome and the design sounds right, but the price is very high in my opinion. Definitely something to look at though! I may ask for it for a holiday. I'd think it'd be cheaper though to buy larva straight from the store.
Seriously, why couldn't you make something like that out of a sterilite bin? I saw a place just have a bag of soil out and I saw all these larva in side wondering what the heck, after reading I totally get it. Now I was to let some of my reptiworms turn into flies and keep a bin outside on the side of the house and try it. Nothing to lose right? Why spend 200 bucks?