Yep, it's real, and I've used it a bunch of times. Whether it's helpful is a mixed bag. It can give you a good view of the location of veins in someone with very dark skin, which is the best benefit as far as I'm concerned. However, it doesn't help you get in the veins if they're flat, dehydrated, rolling, etc. Also, they aren't much help if the patient is very swollen--the veins get hidden under all the fluid (which also makes them hard to feel manually, so you just have to do your best!).
I think of it as giving you a head start, but it won't get the job done for you.