1) It all depends on what the price is bud, and what useage you are likely to get out of it ??
2) It is only a Time Domain Reflectometer (TDR), more affectionately called a 'Mole'. It can only find high resistances (or disconnections), and short circuits. The former is shown as a 'peak' on the viewing screen, and the latter is shown as a 'trough'. You then move the horizontal cursor across the viewing screen until you arrive at the start of the peak/trough, and the display will show you in metres how far from where you are measuring, that that particular fault is.
I've actually used it on a mate of mines, who had rennovated an old house and everything was plastered and decorated. Unfortunately, the lighting downstairs wouldn't work. Long story short, we isolated the problem down to a particular length of cable and after isolating both ends I used the 'Mole' to locate exactly where the problem lay. There was a full-on disconnection at 'x' metres. After 'toning' the cable out and measuring to the fault, it only required a section of ceiling plaster-board to be removed. The culprit was the plumber had drilled through the then dead cable when fitting his pipe work. Took about 45 mins to localise the fault and with only slight disruption. Saved having to fully chase in a new cable with a lot more work.