I hate to say bad things, but I have had five of those corallife timers. Most of them have gone bad. Those were the mechanical ones though. Even the new design. I have three going right now. One is not so good. The lose time or they stop entirely. They are a great idea though. Id payy.more for a digital one.
I have the Marineland aquarium timers. Check on ebay, I got my timers there, about $5 each, they are designed for powerstrips so they don't "hog" more than one outlet! At regular pet stores they are over $10!