for a little digital glitz. (Now I'm starting to sound like our resident luddite; NVDave )
That thing is only accurate to 6 minutes if their literature is correct.
Here's one for less than half the money and if you really need precision, this thing will get you to where you need to be.
http://www.amazon.com/Grizzly-H2682-Master-Machinists-Level/dp/B0000DD39J