Not only can you use it to read text back to you that you have typed yourself, but it will also read copied text, Word documents, web pages and PDF files, too.
It can also provide you with an audio file which you can play back to yourself later on your iPod or other MP3 player device.
The cost is very competitive (around £24 for UK buyers at present) for such a feature rich product in this sector, though you can trial the product for free before buying it.
Dig-iT has reviewed the product and this can be seen on YouTube (see below) or you can download the text version here.