I had one for the first few months but I got the Master Tiler and it has a much quieter, more powerful induction motor. Also has a larger wheel.
The protiler will serve you well, but if you find yourself cutting a lot of porcelain, i'd recommend the Master Tiler (£70-£80)- the speed increase will save you money quickly!
If you can afford it I would personally keep both, reason being is that if your in a tiny third floor bathroom with only just enough space to setup the small pro tiler then your going to be finding it near impossible to set a Master tiler up.
I find having both gives you more options when working space is lacking.
Den I have the same little cutter it cost me £29.75. I have used it with the same blade for a year almost everyday, I cut all types of tiles with it no probs and whats more I don't even put any water in it when using ceramics. I also own an expensive Rubi ND200 which I couple with a Marcrist blade, which hardly gets used. Reason is that I would not want to break my Rubi using it in the way I do my Plasplugs. Plus I dont get wet. Probably my Plasplugs will give up one day but for under £30 who cares, I just throw it in the vehicle every day and launch all my tools on top of it, best value tool I ever bought apart from my chisel which I got in Spain from the Euro store.