Looks like a pretty standard heat-pump system with a flash filter.
They're a decent idea, but don't work well in some areas. In Sydney in summer say, where it's 90% humidity and 27 degrees over night, it would do nothing and drive you crazy. However, in Canberra where the lack of humidity means outside temps genuinely do drop overnight they would be a relief. The big difference to remember here is that unlike an air conditioner they do not remove humidity, so draw down is limited by external factors.
In winter, I think the effectiveness will depend more on your building design. In my house for example, the retards that owned it before us re-did the tile roof; with dark charcoal grey tiles! They're a perfect heat absorber and mean that the inside temperature continues to go up until about 9pm. This does not make me happy.
But, if the tiles heat up during the day, the ceiling insulation I've got now means the ceiling cavity gets hot as buggery and stays that way. Pumping this heat into the house would be terrific and save stacks of energy.
To summarise; good in winter if you've got a big thermal mass; possibly useful in summer with low humidity.
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