I think its worth it. With some bypass filter kits running $500 bucks, and in some applications plumbing isn't always easy, having a screw on filter with a bypass element is an excellent option. The $10 filter cost isn't any more expensive then a M1, KN, X2.... boutique filter.
I am also under the impression that you can saw a roll of TP to fit the Trasko. So, if you're mechanically inclined, cost might be minimal.
It is also very purrdy for dressing up the engine compartment.