I saw that thing a while back and didn't feel it would be very stable with the tripod attached so low down below the camera.
I built me one of
these things using some aluminim poles from an old tent - 6 ounces total and ok for a camera with lens, but nowhere stable enough for what I want to do in the future. It may look fragile but this super light tripod works great even with a pretty substantial DSLR, especially when you use the remote trigger to fire it.
The thread above also links to this $50 product - seems like the same thing but no DIY and probably a more reliable head, but also double the weight:
http://www.bhphotovideo.com/c/product/660803-REG/Tamrac_TR406_TR406_ZipShot_Compact_Ultra_Light.html
