Those death spike circle cutters are designed for use only in a drill press -- at least that is what the instructions on mine said.  Even in the drill press, it is pretty scary to use.  

I think that the test with this one will be how long it takes.  It has to be fast and easy enough to make it better than just using router and trammel or even a jig saw.  The fact that you don't see a bunch of these out in the wild may indicate it was not very successful.  

--Nathan, TX. Hire the lazy man. He may not do as much work but that's because he will find a better way.