Review (4/5): Excellent for price, but somewhat misleading advertisement
I just received this dermatoscope yesterday. For the price, it is excellent. It is a simple to use, contact dermatoscope that gives the user a bright, clear image of skin lesions. I like that it is LED since those seem to last forever, and it even has a lifetime guarantee on the light source. It is comfortable to hold and the carrying case fits well in my white coat.
My reason for not giving 5 stars is that the product description claims that it can be used with or without oil. I suppose this is technically true, as I use alcohol as my immersion fluid of choice. However, if this scope is used without any immersion fluid (as implied by "oil-free epiluminescence microscopy"), it is basically just a 10x magnifying glass. The purpose of dermoscopy is to help visualize structures below the stratum corneum. If the light is not polarized (which it is not in this dermatoscope), then an immersion fluid is necessary to reduce light reflection/refraction/scatter by tiny irregularities at the skin surface in order to see the deeper structures. If you want a true oil-free dermatoscope, you will need one with polarized light (note that these are generally much more expensive and do not necessarily produce a better image). I truthfully did not expect the claim "oil-free" to hold true, but purchased it anyway since I don't mind using immersion fluid and the price cannot be beat. Therefore, I'm not disappointed, but if you are considering purchasing this mostly due to the "oil-free" claim, I'd advise against it.
Basically, if you want a dermatoscope that will give you a great image at a great price, this is your product. If you do not want to use oil or another immersion fluid, make sure you purchase a dermatoscope that is polarized.
Update: October 2013 - After using my dermatoscope for three and a half years in residency and private practice dermatology, the contact plate (where the glass contacts the skin) broke. When I contacted the manufacturer they responded quickly and even offered to send me a free replacement. I continue to be pleased with this dermatoscope and the customer service that stands behind it.