Hi Len
I bought one of the units as in your original post – it cost (from memory) £8.50 INCLUDING postage from Hong Kong!
It works just fine for the use I have for it, checking lathe and motor speeds. I came with some sticky refelective strip to produce the marker pulse, but I've found there is usually enough contrast somewhere on the rotating bit that you don't need to bother. A dab of "snopake", white or black marker pen on a shiny shaft usually works just as well.
I usually just point it at a flourescent tube as a quick calibration check and if I get a reading of 6000rpm+/- a bit I'm happy, as generally I'm not looking for measuring speeds to high accruracy.
One point to watch is that there is no on/off switch on mine so the battery drains all the time, albeit at low level, so if you plan to use it infrequently it would pay to take the battery out for storage.
Mine does exactly what I wanted it for, at a LOT less than I could build a unit for in terms of time and effort. Very satisfied.
Keith