I am the guy who made a homemade version of it. It works very well and reclaims several cups of wine with each racking.
Regardless of which version you use, make sure you filter out all the oak particles before you put the sediment and wine in the filter. If you don't, the filter will stop up and will not drain. This is only an issue one the first racking, when lots of heavy, thick gunk is at the bottom. Typically on subsequent rackings all you have on the bottom is very lite sediment
Because of the issue with the filter getting clogged, another idea is to find a glass container that is 3 inches or less in diameter and is like a tall tube with parallel walls. The thinner the better It needs to be able to hold a good portion of sediment and wine - 1.5 to 2 liters is good. The idea is to not siphone up any sediment at all, but let the filter take care of the bottom 1 to 2 liters.
The unfiltered bottom of the bucket or carboy can be poured into this tube, then a top placed on it to protect the wine until it settles. If this sets for about 24 hours, the sediment and oak particles will settle out, leaving a nice layer of wine on top of the settlings. This wine layer can be siphoned off.
The tube idea works best (for me) because it is very hard to keep the oak particles from clogging my homemade sep filter. (Maybe the pro sep filter is less likely to clog.) I have tried to pre-filter the sediment through a coffee filter and mesh filter, but if it has lots of oak particles, it stops up the both types of filters almost immediately.
I am still trying to find a filter that will hold back the oak, yet let the fine lees and wine through without getting stopped up. One needs some sort of hand-held wire strainer that one can shake if it gets stopped up. I have found such a strainer that I will try on my next batch; it is a 6-inch diameter tea strainer; the mesh is not so small... we will see. If it works, I'll go back to my homemade sep filter.