Those can be really handy. In my Oklahoma days we called them "come-alongs" because you can use them to persuade things ton"come along" as you ratchet the lever.
I'd sure hang on to it. I don't currently have one but they can be great for moving heavy or very stuck objects. Never seen one used for vehicle recovery but could certainly be used for something like a stuck atv or moto.
It looks just like the normal cable come-a-longs that you can buy at Home Depot, Lowes, Walmart, etc. This one is nicer since it has a rope that is safer than a steel cable.
In my younger, less intelligent days I kept one in my cherokee for recovery. Only time I ever truely used it was pretty useless, very hard to use and barely made a difference compared with the amount of effort I put in. Later I used it a couple times as a tow rope extension, which broke it.
They do have their uses - great for pulling fence, tensioning guy wires, I have even seen them used to pull an engine when attached to an overhanging tree limb. All in all they are useful around the house but it burned a lot of room for little value as a recovery device.
It looks like my cheap Chinese come-along but with rope on it instead of cable. While they make heavy duty versions suitable for vehicle recovery, in my experience, those small ones are best suited to stringing fence, loading rolling cars onto trailers and such.
My brother has one. Think he originally found out about them when he worked for a tree service. Doesn't get used much but it can be handy if you need it. Like RoyB said, you can use any length of rope...like the 500' length my brother has out in my garage. That would be extreme, but it could be done if the need called for it.