If you use it in a room with relatively low ceilings (standard house room, what is that 8 - 10 ft?) and your suject is not too far away this will enhance your flash quality and the lighting.
Anytime you can use the ceiling to bounce from the quality of light is imporved.
The limitation will be the flash power of the camera's flash, the ceiling height, and distance to subject. Pumping up the ISO a bit will help to lessen how much flash power is needed.
Nothing weill replace a speedlight, and I would still save for one if you are doing a lot flash pictures. It can broaden what you will be able to achieve.
Anyway, it looks useful. If I didn't have a speedlight already I would get something like this myself.