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It's an electric pressure cooker. Pressure cooking does some things very well, but most things can be accomplished easier with regular cooking. We have a handful of recipes for it and we use it to cook dried beans for other dishes (which is something that I was never able to do with regular cooking methods). It excels at recipes that are "dump everything in and set pressure for X minutes". Also works great for making dulce-de-leche from condensed milk cans.
Bottom line, it's not an expensive appliance, but it does take quite a bit of room. If you have the space and budget for something you might use a few times a year, go for it. If ours broke I'm not sure we'd get a new one in a hurry.
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