The converter uses good quality switching regulator chip, which has good efficiency. The chip used is MP2307, a synchronized volume converter. This IC has both a high and low side switch which ensures minimal losses at low load, but at high load the low side switch is not big enough to handle the current so there is still an external diode to carry the current, which limits the converter's efficiency to around 80%90%. There is a diode on the input to prevent reverse polarity, but this introduces a slight voltage drop which may be undesirable in some applications. The overall design is good however one unit I received has cold solder on the feedback resistor. So the device is dead on arrival. Having something so broken, particularly in the feedback path, that could potentially result in high voltage being applied to the load is simply unacceptable quality control. Therefore, test your new device thoroughly before connecting it to anything important.
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