When you say "step down transformers" most people would think you refer to something that provides some degree of isolation.
Classic transformers and most switching power supplies offer isolation making a circuit safer for humans.
Now of course, that product never claims to provide isolation and never claims to "transform" the voltage, at least from what I can deduct from pictures.. ignoring the title which is written by stupid dx.com employees.
Classical transformers are big and heavy, even for some measly 50VA the adapter would be probably twice the size of that converter and about 1-2 Kg in weight.
For high wattage, I imagine other solutions would be based on designs similar to how inverters work, or how an UPC works.
This converter just screws with the AC wave, could be gaps where the triac or whatever it used turns off or on, the parts used may change characteristics as they heat up from the current, who knows.