I think I, too, was watching the Military Channel when I saw this advertised and thought I was seeing things!
I don't want to totally discount its ability to scrub the skin off a big bunch-o-taters quickly - but like csalt mentions, you still need to break out your paring knife to cut out the eyes ... unless you just keep rubbing away until you've rubbed away enough potato to get below that level. And, there is the question of durability. So, I would have to say it might be worth it for some people - not worth it for others.
My main problem is with their claim, "... leaves all the healthy vitamins and minerals with no waste ..." which is bogus. The skin contains the majority of the potato's fiber, and many of it's nutrients are located just under the skin - which this gizmo will scrub away - and the skin will be waste. Well, you get the same loss with peeling a potato with a peeler or knife ... but in my small mind they are making a claim here that can't substantiated and is misleading, even if not intentionally.
"It ain't what you don't know that gets you in trouble. It's what you know for sure that just ain't so." - Mark Twain