I could not make my yarn without this tool. I could use a drop spindle, but I can make better yarn faster using my spinning wheel and its a fantastic wheel. My spinning wheel is a Lendrum and a modern castle style wheel. Some of the parts have funny names.
It is a single treadle, which means there is one, I think of it as a peddle, to push with your foot and make the wheel turn. It is single drive, which means that the drive band wraps around the wheel once. Scotch tension controls how fast the yarn wants to be wrapped on the bobbin, it slows down the bobbin. The whorls are like different gears, they control the ratio to the wheel. If you want to spin tiny yarn with a lot of twist, put it on the smallest whorl. The flyer will turn faster. If I want to spin really bulky yarn, I will switch to a larger flyer that has even bigger whorls and a bigger orifice to accommodate a thicker yarn. If you look closely you can see a second drive band hanging behind the wheel, that is for my bulky flyer which is taller and needs a bigger driveband. To switch them you have to take off a C clip, so it is easier to keep them both on and just tie the unused one at the back. The bobbin is where the yarn collects. The mother of all is the whole top assembly and the maidens are the arms holding the flyer up.
This wheel has a sealed bearing which doesn't need oil added to it. All wheels need some oil, but they vary greatly in how often they need to be oiled and how much they need. Compared to some wheels, this one has fewer places that need oil. I like that feature. This wheel also folds down and fits in the car easily.
It is a versatile wheel that can spin a variety of yarns. If you're looking for a wheel consider what types of yarn you will be spinning and try out as many different styles as you can so you know what your preferences are.
Any questions? :)