I know someone who has one similar and he likes it very much.
Personally, I don't like it a bit. It's all in what you like and trust.
I see some downsides. The bike rocks pretty good front to back (right to left of your vehicle) depending on your hitch. You have to worry about the bike leaning into your vehicle while loading or traveling. If a strap breaks the bike is toast.
Just my opinion, but this method has come in handy for some. For that price I'd definitely buy a small trailer.