I can't tell from the picture if there are safety catches or not, but I'd be willing to pay more for them.
My understanding from the blog entry is that the main purpose of this piece of equipment is for supine pull ups, but I'm excited that I can use it for my Classical Stretch workouts, too! It's much cheaper than a ballet barre and will probably work just as well. My workout space is really small and can't accommodate a gym quality squat rack, bench press, or pull up/chin up tower. And I can't use the thing that fits in a door -- so this is the perfect answer for me, even if I can't use it as a bench press. Again, I didn't have the impression that this was the intended purpose, but I like that I'll be able to keep the barbell on it -- it will make it a lot easier to load plates.