Better option for what? As a chuck guaranteed to have no gaps in coverage like those Cole jaws, and strong grip with the steep angle and scissor grab as mentioned to apply it, it's merely an overpriced gadget to a hobby turner, which is what hobby turning is about. Latest and most high-tech for bragging purposes, and a convenience where used.
Production types might appreciate it as a bit less fussy than a vacuum chuck for bottoming, especially on porous or poorly filled woods, or as a chuck able to grip the bottom of a box for lid fitting and sanding, or for holding the lid for finial truing without digging in. There are workarounds, of course, but it's probably worth mentioning a couple other obvious uses for the device.
Guess it depends on you. It'll do more than even I have suggested, even things you can't do with a vacuum chuck in the reverse area. Now decide if you want to spend the money. Brag or bang, both good reasons, in perspective.