Very interesting, Wayne. Looks like it's nothing more than a circular silicon carbide dressing stick, at least from the description. I can see where it might be a good investment, depending on how much time a guy spends at his pedestal grinder. Having never seen one, I'd enjoy hearing more about it if you have the time. Can you verify my hunch?
For those that don't care to invest that amount for dressing your wheels, if you follow the link Wayne provided, the dressing stick I recommend is to the left, and slightly below the dresser in question. It's order number
05863014, a real bargain @ $2.55. One will likely last you a life time. I'm still using what's left of one I acquired back in the 60's. It can be used alone, no diamond necessary, although the use of a diamond makes dressing much faster, assuming you have considerable wheel to remove.Harold