Ah, the price is the big thing. There are multiple controllers on the market that will do all of the above.
Now reading reefbuilders, they original said it would be able to control things (I.E. light cycle, etc). Then I saw a post saying it just gives readings. For $200 that isn't that bad. You figure a year worth of PH, ammonia, Nitrate, Nitrite, test kits would cost about that much if you are testing daily.