I don't really see the "do all" aspect to it. It is simply a double sided fly box, with different foam pieces on each side, and each foam piece being geared towards small-medium flies.
I have this
box from Allen that holds a TON of flies. If you wanted a little more inner space, you could do this one
. Another one that will do the trick is this one
. Its the same box as the UPG basically without the magnetic part which is just a waste of perfectly good foam space IMO.
Plus these are all a fraction of the price. If you really like the look of the UPG, than that's a good enough reason to buy it, but if you are looking for straight utility, I don't really see where it shines.