This machine is very good at knitting large quantities of stockinette stitch (a plain, smooth type of knitting in one or more colors), up to 100 stitches wide. If you're into yarn-bombing large objects, this is definitely the tool for you. You can knit up a tree cozy in a matter of hours--once you get the hang of the machine. Ditto a simple cardigan.
There are, of course, several drawbacks. For one thing, there is a learning curve. You will need to learn how to use the machine, and more important, how to troubleshoot when (not "if") the carriage gets hung up, the stitches pop off a needle, and so forth. In other words, you probably won't produce anything useful the first or second time you try it. But hang in there; it's worth it.
You will get best results with smooth, medium-weight yarn. Extra-bulky, fine, or nubby yarns can give unsatisfactory results.
Another drawback is that it only produces stockinette. If you want ribbing, lace, or cables, you will have to do some additional manipulation by hand. It's not too hard, but once again, there's a learning curve. Additionally, the reverse side of the stockinette is toward the knitter, meaning that if you're doing stranded colorwork (which is easy, by the way) the right side of the fabric will be away from you. This means you won't probably won't notice if you've just made a mistake--not an insurmountable problem, but one you should be aware of.
The Bond won't automate every step of your projects. Expect to finish most projects by hand. Stockinette is a type of fabric which tends to curl up on itself, meaning that you'll probably need to add a noncurling border by hand (either knit or crocheted).
This version of the machine was produced about two decades ago, so it comes with a VHS video which is probably useless to most purchasers. Don't let that stop you. There are excellent video tutorials on YouTube and elsewhere, that are far better than the original video anyway. There are also discussion forums for the Bond on Ravelry (a site every knitter should know; Google it). The ISM will never replace hand knitting for me, but I do find it useful for certain projects. I recommend it to anyone who is willing to accept its limitations and take the time to learn it.