Unfortunately, the $29 HF unit doesn't have electronic speed control so it will bog down under a load where as a rotary with electronic speed control will maintain that same speed whether loaded or not. The absence of speed control doesn't make this product bad, but it does make it different. Used properly, a person could actually capitalize on the absence of the speed control to allow improved feathering. I've done this many times with both air and electric powered tools for various sanding and polishing work (home improvement and auto body work). Most rotaries are pretty simplistic in their designs and there's really not much to them if you open one up and check it out.
HF also offers a $49 speed controlled sander / polisher with soft start that has a digital LCD (Liquid Crystal Display) and buttons that allow you to change the RPM from !K to 3K in increments of 100 RPM. There would be no questions of whether or not the speed dial was set to an exact speed or if the speed was slightly too fast or too slow based on the metrics of where the dial meets the pointer because you would simply select the RPM you want to run which is clearly displayed on the tool in numeric format via LCD. This particular tool is made by YAT Tools of China and you may see it showing up under different brand names later this year. I like the idea of this polisher and the price, but I wish it would work down to a lower RPM and also offer a rotary wheel for speed control in addition to push buttons along with a variable speed trigger.
I've got an old Rockwell rotary that I've almost worked to death since I've had it along with some smaller Makita rotaries, lots of air rotary tools (various rotary and dual action polishers / sanders, engravers, grinders, etc) and recently picked up a Hitachi SP18VA to add to the collection which is what I'll be using for detailing our trucks, but I may pick up a $29 HF unit just to play with and keep at another property that we sometimes use. HF also sells a 1 year replacement warranty for $5 and 2 years costs $10 if you're worried about problems. I'm sure the $29 HF tool will be significantly noisier than any Makita, Matebo, Fein, Hitachi, etc, but it still should do a good job with the right pads and most important will be your technique.