Made my first hazel arrow shaft using my version of this tool. Takes a bit of getting used to but is very simple to use once you have had a play with it. Definately slower than a plane but fun to think you are making arrows using a tool people used over a 1000 years ago, I am sure native americans would have had something similar.
Need a nice seasoned and dense piece of wood for the tool or the knife blade digs in if not careful. You need to experiment with a few angles to find what works best on the tool for you. I have two shallow angles for small amounts of wood removal from the arrow and deeper ones for when I first started working the arrow.