cygnos V2 is not a waste of money. If your looking for a Clean cut and fast Dual nand solution, that reads and writes fast and integrates the jtag hack, then its the better choice.
As for the dual nand via Flash card, its cheap yes, but unless you build a USB Interface to dump the nand, it takes while some time to dump and longer to get matching dumps in some cases. (I know took me 3 days to get a dump that matched)
And if you order a USB Interface you might as well spend the extra $20 and get the cygnos V2 as its a usb interface and dual nand in one shot... probably works out to be the same or less after its all said and done. If you take the fact in that i think my time is worth something so id rather go the less time consuming rout...since yah know time is the only thign i cant get back

and im always impatient.