Let me enlighten you on a fundamental principal when it comes to buying camera gear: you get what you pay for. Buying cheap gear often won't give you the results you really want, and even in the best case scenario and it does work, it will break. Pretty soon you will find yourself replacing your cheap equipment five times over and eventually you will realize that you have spent well over the price of a Glidecam, only you will still be without a quality functioning product.
It's not our place to tell you how to spend your money, but if you were to ask me if I'd pay money for such a thing, I would say no. Buy once, cry once.