These considerations apply to PSAPs in general. And no, I haven’t used the “Life Ear,” but I’ve been paying attention to these developments for several years. Most importantly, what works for your friend might not work for you. Hearing loss is complicated, and very personal.
Pros: Cheap, doesn’t need professional adjustment
Cons: Depending on your hearing loss, and needs, might not work as well as a “real” – i.e. configurable – hearing aid
You would be very wise to get a professional hearing test. Costco is a good place for this. They will test you and give you some professional advice, for free, and without any commitment.
If you ask, they will readily give you a copy of your test results. You can them come back here and people can give you some more specific support.
Good luck! The first steps in dealing with hearing loss are big ones.