Yeah, at this point, the ARDS is virtually useless. You've got flashcards with built-in cheats (most all of them nowadays), and if you have commercial games, you can just use NitroHax. Granted, it's not as user friendly as the ARDS itself, but it's $25 less (aka FREE) and uses .xml cheats.
The only reason for buying this is in conjunction with Datel's Trainer Toolkit, which lets you make your own ARDS cheats. But there are several (again, FREE) methods of making your own cheats, so again, this is pointless.
Although since this is a ROM, I wonder if it will work on a slot-1 flashcard...