There seem to be two classes of collimators in the marketplace: the cheap ones that are built the way Geoff (Starkler) describes, & the high end of the marketplace (Glatter, Catseye, Astrosystems, Kendrick). In my view, it's worth getting a high end one because you will use it every time you observe. You can get good results with the cheap ones, but you have to spend a lot of time messing around with them, as per this thread.
One other nice thing about the Astrosystems one: the batteries are separate from the laser, so changing them does not disturb the factory preset collimation. I use the Astrosystems one & love it, but my hunch is that all the premium ones work well.
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