I have never heard of this thing, let alone tried it, however I would initially be rather skeptical especialy with a mic not made for high SPL. If you have a flimsy mic being used for a kick, you are not going to get a very clean signal going into this thing so it's not going to have a good signal to work with in the first place. The other thing is that at $100, for just abit more money you can buy a real kick drum mic.
All that being said, doing a quick google... some other people have good reviews of it out there, so I dono. I would certainly want a good listen to it before I went out and bought one.