That Silverline spindle is exactly the spindle that I use on my machine and the one I sent out with the kickstarter kits (obviously mine is the 120v version). I'm not sure what the true name of it is, but you'll find it rebranded all over the place under different names/colors.
Mine has been in use since around October and I have yet to have a problem with it. The 'lock' button isn't 'soft cheese' on mine (or any that I've sent out) so maybe there is a difference between the 120v and 240v versions?
I've been telling people that for the money (about $15USD) it's a good choice to get cutting. Once mine breaks, or I'm sick of the noise, I'll probably move on to something else, but I think it's a good starter spindle.
Shapeoko #0 - a couple of upgrades.