Works just as well as the more expensive strikers, although not as big so may not last as long but at this price its possible to buy a few, so you can always have one to hand, keep one in your rucksack, one in the car etc.
Update: Having now used this a couple of times,all is not as great as I first thought. On the most recent use the ferous rod fell out of the holder and although it was easy enough for me to pop it back in, had I been relying on it in an emergency situation and the rod fell out and was lost it could have been very bad. I would prob still recommend for the price, simply to practice with in a safe environment but for emergency and survival kits I would recommend spending the extra cash and getting something abit more robust.