I wouldn't recommend it. There are many "replicas" out there that don't work the way they should. So, you'd end up wasting $700. You get what you pay for. Check out the stuff from Williams Strength Products on ebay. It's what Elite uses.
Get the GHR. I asked Jim Wendler the same question. You can do a lot more with the GHR, including abs and back extensions. It's more useful. I was hoping to buy one for myself for Christmas, but because of my financial shit, I won't be buying one for a long time. But when I can, I'll get the GHR.