It is a handy tool for our bows. I've got one myself and I've mounted it to the side of my bow press (Pro Hercules-Apple Archery) and it makes for a perfect combination.
There's no laser parts in that kit, just the vise and the levels, but you can also get yourself the EZE Center Hunters version center-shot Laser, this tool helps in the initial set up and tuning of a bow.