The $70 one is Ironton brand. This is their cheap line, basically equivalent to Harbor Freight. The $250 one is Strongway brand, designed more for commercial/industrial use.
I got the $70 one a couple weeks ago, seems more than adequate for my needs. Already been getting lots of use from it, definitely better than having cords all over the floor.
I've had one of these "Wonder Winders" for years. No more tangled up extension cords. You supply extension cord, mine is 150ft. Used for electric edger, leaf blower, and pressure washer. Friends saw it and also bought some. I think it is one of the best inventions ever.
I have read that the cheap things about extension cords and cord reels I assume are the molded ends. Even the Ironton one is 12/3. Replacing a molded end with a heavy duty one should not cost that much.