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Filtered Linear Power Supply

I was wondering on a site about wireless video transmission, and ended up on this power supply board:


Isn't it very very interesting?? 10 bucks and you have a selectable 3.3, 5, 12 output voltage with input between 4 and 35 volts!

Is there something i'm missing or is it very cool?

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It's still a linear supply, the excess voltage is burned off, making it less efficient than a switching supply. It's not a bad set-up, and has a wider input than a 7805 though. If you're using the higher voltage supply it might be somewhat helpful.