I have one of these. It rocks - for what I use it for.
It really depends on what you are mulching. If you have a lot of palm fronds - these are awesome. Because they don't use a high-speed blade that fibrous palm stuff just wraps around and jams up the whole thing.
I have seen expensive petrol munchers brought to a total standstill by a couple of dry old Golden Cane Fronds!
Instead these cheapie have a "cog" that crushes stuff against a plate - so it kind of cuts stuff into chunks.
Works great on palms. But is kinda crap on really hard stuff. But was nearly half that price when I got it. It's been working great for about 6 years.
So - yeah. I have palms. This thing smashes all the fronds that fall and they fit in the green bin - don't use palms as a mulch they acidify the soil and nothing will grow!
So - it depends. You got big palms?