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Good deal for the price 
This is a inexpensive knock off of the LUMEX LED Tester Box at 1/4 the cost. It does however use a cheaper header than the screw machined header on the LUMEX tester so the insertion
life will be less. If you need to test hundreds of LEDs you would need a ZIF socket which even the LUMEX tester does not have. The new LUMEX tester now tests 3 terminal devices for the same price but the price is still closer to 40$ than 10$. Good addition to the tool box.
handy LED tester
I paid $16 for one of these at a local electronics store for work, and it has been extremely useful for identifying LEDs from the scrap bin. It simply uses a 9 volt battery and resistors (and a push-button switch) to limit the current through LEDs - no fancy current regulation, so the 2-50mA current ratings are a rough indication and not accurate depending on the voltage drop of the LED under test. Accuracy aside this is a great price for a tester that quickly allows you to determine the polarity, color and relative brightness of any LED. Highly recommended!
A bit defective 
There was a defect in mine. The current-limiting resistor for the 30mA branch is 3300 Ohms (the same as the 2mA branch). Other than that, it works fine. I figure it should be around a 230 Ohm resistor instead. It seems like this is an isolated problem, since it works for others.
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