I do like it, it's very easy to use.
the machine cuts the holes, and yes it does chipboard nicely.
then you use the outer black part of the machine squeezes the rings closed.
They do hold up well too. I place the chipboard face to face so the inside covers of the book are facing out. Then put the rings on with the flat part on the back cover, then squeeze.
It gives a the book a nice layout, lays flat, and holds the paper nicely.