I've used that system on my 5 gallon setups and it worked wonderfully. I could never get it to work on my 10 gallon tank so I went pressurized with that tank.
Wine yeast will make CO2
longer than bread yeast. I'm not sure what kind of yeast the kit comes with, but it lasted about a month. The wine yeast I use lasts 4-6 weeks in my 5 gallon tank.
I used the tubing that came with the kit (I even used a little bit of it on my pressurized system) but I used a limewood airstone for a diffuser instead of the bubble ladder. The bubble ladder seemed to work ok, but it was borderline too tall for the 5 gallon tanks, and the limewood airstone did make much smaller bubbles.