I have used one on my Versys (with spools) for over a year. I would recommend it. Yes, you can build one for yourself that is much cheaper, but this thing is well made and thought out -- lightweight, doesn't take up much space when all folded up into it's holder, and quick & easy to use.
I use it mostly to clean and lube the chain on longer trips, but it would come in handy to repair a flat if I needed to (also carry a flat repair kit with me). I'd be a little worried to remove the rear tire using this thing, especially on soft, uneven, or unlevel ground. Another thing to note is that it places extra strain on the kickstand, but the kickstand on the V is fairly hefty. (I would not use it on a Ducati Multistrada)
-Never mistake kindness for weakness.
-Harley Davidson rEvolution engine (V-Rod): Designed by Porsche, detuned by Harley.