It has quite a bit of leverage; 4 7/8 inches of travel on the end of the handles gives 11/32 inch of travel in the punch, with the last 3 7/8 inches of travel in the handles moving the punch the last 3/32 as it goes through the sheet metal.
I always hate when I sell a neat tool like this on Ebay, and it ends up going for the starting bid of 9.99 plus shipping. I think I will either start this one higher or keep it for myself.