I've been wanting to get one of these. I would like to backup my save files from my Gen 1 games and it's just a cool device to have. I might ask for it for my birthday that is coming up in May.
Unfortunately it only works on a PC. It's basically an emulation box with ROM writing capabilities which is also why you can backup your saves and make your own homebrew carts. But if you have your computer hooked up to a tv then you technically could use the tv as a monitor.