Usually, accurately leveling a machine tool involves using a level such as the Starrett 199Z Master Precision Level, which is specified as accurate to 10 seconds of angle, and has divisions which represent .0005" in 12". Those divisions would correspond to an angle of 8.59 seconds.
Even the less-expensive Starrett 98 series levels are graduated in .005" in 12", or about 90 seconds.
The electronic level you are looking at says it is accurate to 0.2 degrees, which can also be written as 12 minutes of angle, or 720 seconds of angle. This corresponds to about .04" in 12".
I'd have to say that if want to do carpentry, that electronic level would be adequate, but not for leveling a machine.
I also feel the same as you, and Ray do, I have 2 of these one better quality, and one cheaper one, really cant see any difference between the 2 of them! Not sure I have anything good to say about them in a "precision machining environment". Now the rest of the story, when I was building my dump trailer and rotating it a lot on my overhead crane in my garage, it worked great, by using the zero function, even if the trailer was not level, you could zero it, and then install uprights, brackets, etc., and for a dump trailer .04 on uprights is fine.
Even at work in the heavy equipment business, where I do a lot of line boring on huge pin bores, some 110 MM plus. We made a extension for our inside micrometer, to check between another pin when the holes are all hogged out! I took my levels and played with them a little, but when you have a 55' logging boom and stick, off very much, it plays hell on the cylinder lift pins on the boom, so I was scared to trust it. In the old days we used spherical bearings, due to production tolerances, and it would go, Now we use some high tech bronze bushings, they have many holes in them, with some high tech, moly, or graphite pucks laminated into them, they won't take much misalignment!
Bob in Oregon