You can find the litermeter3 at a variety of websites such as marinedepot.com. Just search for LiterMeter3 and you should get a match.
Others have also recommended a cheaper solution " reef filler dual head pump" I believe Randy Holmes uses these on his tank and hasn't had problems (at least that I've seen posted). Randy puts out some rock solid info in the chemistry forums and as such I put a lot of stock in his posts.
It's far from fail proof though. For example, a pump could fail or hose break in the pump. Also, if the "new" mixed water runs dry then it will continue to pump out water, with nothing to return.
It does have some protection. It will shutoff in case you pump in too much water (high flow sensor). They recommend you leave the line that pulls the water out just high enough so that it can't take out too much water. The pump can run dry without issue. So, Low and High water levels are handled UNLESS you have an ATO. At that point the low level condition never hits because my ATO will replenish the supply (and lower salinity). Some float switches will provide a work around but I haven't done it yet.
I posted a thread about this and people did mention the reliability of the LiterMeter. However, like everything, I'm sure they can break. I still closely monitor and keep an eye on things. Its a slow process (15 gallons over a week) so I figure I have plenty of time to know if something is going south. I love the fact that I don't lug buckets anymore and my waterchanges are getting done.
Here is a link that I had started that might have a few more details and differing opinions (always good to get those!):
http://reefcentral.com/forums/showthread.php?t=1763905
Good luck!