I have the 1020B, which is pretty much the same thing. I bought it years ago when I lived in an apartment and didn't have outside antennas. I was disappointed with it because it just amplified the noise level. The signal to noise ratio stayed about the same whether it was on or off.
About the only good thing I can say about it is that it will act like a preselector with an outside antenna. If you're close to, say, an AM broadcast station and you're hearing it throughout the HF spectrum, or down into the LF region, it would probably help eliminate that.