I have one, but my Norton likes a bit more rich mix than the "ideal" spot, so the tool is only a guide for the starting point. On my brother's inline 4 ricer the color tune is the only way to get 4 cylinders set up right. It really does work.
Be aware that the tool comes with a plastic shroud tube for viewing the flame, and if you let the engine get too hot the tube will melt into a gooey mess. DAMHIK.