I bought a similar unit (for a bit more money) from Rio Grande (jewelery supply house) few years back, but I haven't tried doing anything with it yet. Actually, to tell you the truth, I sort of forgot I have it.
Like you said, it is designed for dental trades.
It should be good for making window inserts for the Showcase Miniatures COE tractors (since they include the buck in the kit). My original plan was to make windows for model cars (models larger than 1:160). Of course it will be useful for 100s of other projects too.