There are many other very similar "Self Water Changing" kits out on the market right now. Most of which are small and made mainly for Betta fish, I actually stock some that are a traditional square shape versus being a bowl... so heaters are a bit easier to use.
I have to agree at $60+ that glorified fish bowl is WAY too much money. The ones I sell are around $20.
While these kits do draw water from the bottom of the tank/bowl below the substrate... I have to agree with Jenn... it will never get all of the waste out and you will still have wipe the sides down for algae.