Much cheaper here and does the same thing.
http://store.oneida-air.com/dust-deputy-diy.aspx
I have used mine for a few months and still haven't changed the filter. Only thing that I dont like about it is moving it around. I tips over easily so I suggest getting a long hose for your vacuum.
I mainly do metal work and it works flawless. Picks everything up and never makes it inside the vacuum. I have sanded drywall with a 5inch random orbital sander hooked up to it and I would have to say 95% didnt make it inside the vacuum. While the other 5% did I dont think any of it made it outside the vacuum. Kept the house dust free for a change. I have also done bondo work with it and it was nice not seeing a red floor. I have also used it for picking up water. The 2 bucket ideal makes it easy to dump the water and keep the inside of vacuum dry.
I had looked at building one for awhile. I was thinking of using pvc pipe and galvanized steel and when I was finished it was always more expensive on paper than it was to go out and this one.
Here is my first video of it in action. You will have to excuse the camera shacking. Its hard to vacuum and hold it steady at the same time.