Google is getting VERY good at catching spun content so you'd better be talented at manual spins. If they DO catch you, of course they'll spank you... and hard. So anything you use spun content on is inherently AT RISK. Worse yet... Google gets better at finding spun/poor content every year. So in the longrun you're screwed. I'd weight your other options and see if you couldn't find a cheaper source for manually hand written content.
Not sure about version 1, but I'm testing version 2 right now and I have to say it's the best auto spinner I've seen bar none. The content is actually extremely readable and probably better than the manual spins a lot of people do out there. However, some of the content doesn't pass copyscape so make sure you play around with the settings. Minor edits should do the trick. I'm on the trial now but seriously thinking of keeping the Turing plan for my Tier 1 content.
I've ranked websites in the past with spun content, and now they are still on #1 position of google. First year (2014) google found me because my spun was really bad, many paragraphs were just copied and my position drop from #2 to around #20 after a panda update. Later I cleaned all my text with better spun (I didn't buy any article!), my ranking went up again, and with more backlinks I reached #1 and it is still there