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for $200, does this thing actually work well?

I bought something similar (see my other comment in this thread) and I find it very useful (after 2 winters).

Cons: Cost is huge, quality of FM radio sound is poor, it produces 50/60HZ noise also, so I cannot place it near to my bed.

Pros: It works. I often wake up at first light or even slightly before that. :-/