I don't know if it works, but it seems pretty overpriced even if it does.
I can't imagine spending that much on a piece of equipment that only does one very specific thing. It doesn't work any muscles that you couldn't work with your own body weight (and maybe some dumbbells if you feel like investing in them).
Also, even if you can get your heart rate up enough on this thing to get a good cardio workout, I'd imagine it would get terribly boring long before your heart/lungs are really reaping the benefits.
You might want to look around the "Does it work?" forum to see if anyone else has mentioned it... and if you try it out, definitely let us know how it works for you. (PS: I posted that sentence before this thread was moved.