Not sure about version 1, but I'm testing version 2 right now and I have to say it's the best auto spinner I've seen bar none. The content is actually extremely readable and probably better than the manual spins a lot of people do out there. However, some of the content doesn't pass copyscape so make sure you play around with the settings. Minor edits should do the trick. I'm on the trial now but seriously thinking of keeping the Turing plan for my Tier 1 content.
In this day and age, it is by far the one of the hardest tasks to do online always coming up with fresh content for Google to devour. I love how easy Spin Re-Writer makes it for online marketers to get on with their business and not have to worry about the big G penalising their sites. Of course it's not just about fresh content, but it is certainly a big factor. Thanks Aaron and the team...:)

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Google is getting VERY good at catching spun content so you'd better be talented at manual spins. If they DO catch you, of course they'll spank you... and hard. So anything you use spun content on is inherently AT RISK. Worse yet... Google gets better at finding spun/poor content every year. So in the longrun you're screwed. I'd weight your other options and see if you couldn't find a cheaper source for manually hand written content.
Always start with quality content: Quality content means is a unique content on a very specific topic. You have to create unique valuable content which will be more informative for human readers. It’s impossible for a program to produce content that is engaging the users because it just replaces few words without any writing skill. So, It’s a big risk for you if you start with low-quality content and the more risk if you are going to use the alternate version of the articles.
Spin Rewriter 9 rewrites content on paragraph, word and sentence level. It also turns sentences around and makes sure that only appropriate synonyms are used. Aaron added a special ARTICLE GENERATING ALGORITHM to Spin Rewriter 9.0. This algorithm makes sure that the generated articles are even more unique, and even more readable — if that was even possible!