I had an
ECO brand version for years. Overall, they work fine, but don't deliver as strong of a flame as a dedicated torch lighter.
How they work is that the top half has a collar/piece of hose that self-aligns and fits over the nozzle on the lighter when you snap the halves together, this hose carries the gas to the torch head. The trigger lever on the outer shell pushes down on the trigger of the lighter to dispense gas and sparks a piezoelectric at the torch head. The spark wheel is not used, in fact, the refillable cartridge that comes with some of them won't even have a spark wheel.
The ECO, and from the looks of it, the one posted also, only take flat scripto-style lighters and won't hold a bic. Also, you have to disassemble the outer shell to make adjustments to the flame height lever on the lighter.
As for air travel, according to a friend who is a chief mechanic at American Air, the reason you can't have torches on a plane isn't the gas, it's the high temperature flame and "welding" capability, so it's anyone's guess how TSA will react to one of these if they recognize it.