It is indeed what you see. The size adjustment (which is done telescopically) is very smooth, it doesn't get stuck nor is it loose enough to open by itself. The cap "locks" in a way so that it doesn't detach from the rest of the pen in case of vibration (e.g., falling from a height). It seems relatively high quality, its writing is also smooth and just fine. The ink change is done by unscrewing the tip of the pen at the front, quite easily. It is also comfortable to write with. I had a concern about whether the telescopic opening would be bothersome for writing, meaning if when you go to write it would close/shrink. However, the telescopic opening has resistance to prevent this problem.
Generally, I have had it for 1 day, obviously I can't judge how long it will last if, for example, after some use the telescopic opening starts to loosen, but it seems like it will last quite a while.
In terms of price, obviously 10 euros for a pen is expensive, someone might say, but given that it is convenient for keys and is a special construction, I can easily overlook it. I am not a holder of expensive pens to compare inks, writing styles, etc., but with the classic Parkers I used to write with in the past, I don't think it has anything particularly to envy.
Nothing negative as a first experience.