If I recall correctly, Schick put out a razor that was similar - spin a knob, advance the blade band. A little digging and... http://theshaveden.com/forums/threads/schick-band-razor.2961/
I have an unopened Techmatic and two replacement bands, but I've not heard good things about the razor so it'll stay unopened. Herm
I remember when my father used a Gillette techmatic for a brief while. He hated it and made it known. I believe my father went back to his DE after a few weeks of using the techmatic.
It might not be one of the better shave systems out there, but I would like to give one a try at some point.
Clearly there is a tension device that hasn't been tightened or can't be. I wonder what the replacement "blade" assembly looks like? If the blade was down firmly like it should be It might not be a bad razor at all.