Let's be honest, no one NEEDS a salad spinner. My wife wanted one, we are short on cupboard space, this works great. It collapses down to 1/2 the normal height and spins salad just fine. I wonder how the flex portions of the inner and outer bowl (that allow the collapsing) will hold up over time but as of right now, I'd recommend this product.
UPDATE (12/3/12) The collapsible portions have held up just fine thru extended use and being run thru the dishwasher. The cord on the spinning mechanism, however, did not hold up. It broke about 6-9 months ago and we've just been using the bowl to hold greens. I'm contemplating replacing it (unable to fix it) with another one or possibly the 3-qt size which appears to have a direct-drive mechanism.