It's not just good, it's excellent and a bargain.
I've had the DA enlarging meter for a couple of years. It does an excellent job as a baseboard densitometer, giving you all the system effects, including flare, from end-to-end in the photographic process. I shoot a backlit 4x5 31 step Stouffer wedge at the center of negatives from 35mm up to 4x5 and can use that as a single frame process control strip using the DA enlarging meter. I find it's repeatable within 0.02 stops (that's 0.006 optical density units), whereas my Eseco color densitometer claims +/- 0.01 optical density repeatability. That's pretty much equivalent.
With a simple spreadsheet I can plug in the f-stop readings from the DA enlarging meter and get a very good film curve in very short order. It's as easy (perhaps easier) to get a general idea of negative contrast with an f-stop readout on the baseboard as it is to read optical density units on a densitometer before loading the negative in a carrier. Zone System users use f-stops in the field to determine exposure and necessary development all the time. Why should that be considered a bad way to read negative density in the same system? The only drawback is if you have a fixed mindset, and that's not an instrumentation problem, it's what computer folks used to call PEBKAC (problem exists between keyboard and chair).
As for the readout in stops and 'relative density' issue, anyone who can't deal with a simple conversion from stops to optical density units by multiplying by 0.3, or who can't reference a reading by simply subtracting film base + fog doesn't have the wherewithal to understand a characteristic film curve in the first place.
The DA enlarging meter easily and consistently shows the printing anomaly in my fotowand gray scale,
http://www.thedopshop.com/images/12step_hero.jpg, which allows me to calibrate the gray scale.
I consider the DA enlarging meter a great bargain, and very useful as a baseboard densitometer and enlarging meter.
Lee