Sure, eating maggots is fun, but not attractive yet. However chickens and fish love them. Many people already breed bugs / maggots to feed to their fish or chickens. This contraption would put that capability into more people's hands which means better fed chickens and fish. Oddly, farmed fish are often fed ground up caught fish along with food crops. The flies could be bred using waste food that is no good for us or fish/chickens and the maggots to the farmed fish and chickens. What a great idea until it becomes cool to eat maggots.

Simply not eating maggots. Maybe third world countries where food shortages are bad or in certain diets where they are eating insects already but western diets? Not happening.

Why not directly eat the "little bit of food that sustains" the insects? They will not return more than they consume unless of course it's the food that flies love....our excrement...and there's the reason for our innate distaste!
The real answer to feeding the growing population is the understanding that our bodies can synthesise protein from grains, fruits and vegetables better than cows, chickens, fish, and insects. Eating second-hand protein is cheap and easy as long as there are subsidies to support the second-hand protein industry.

I rather wait for the day when a home machine for growing my own filet mignon becomes a reality and affordable.

Scion nailed it. Most westerners won't get within 10' of eating maggots. But they are excellent fish/chicken feed! And the larvae will help reduce your own bio-waste. Win/Win.

Memo to anyone who thinks first work people don't eat insects. Check out cheese in France and Italy -- it's more expensive if it has maggots. Check out Japan, China, Singapore and other countries. In most areas, insects (usually larvae) are more expensive than beef.
For Jews, locusts are specifically named as kosher.
It's true that we can eat grain, but not until it's processed -- by cooking or fermenting. We can eat meat, including insects, raw. Which is our natural food?

Does it come in any colors other than white?

Scion is right, use it as a food source. This seems like it could be an important component of an aquaponics system. i.e. http://www.gizmag.com/globe-hedron-rooftop-fish-farm/22492/ I'd prefer to see it completely automated. Simply have a hopper where you drop your fish waste (the bits of fish you don't eat) that feeds into the larva machine, which feeds into the fish machine, which feeds into the hydroponic machine. Other than harvesting, the rest would be self sustaining, self powered (via solar), and self monitoring. I'm a lazy gardener, but I like my food fresh too.

This is an exceptionally disgusting idea that is just a few steps away from bringing Soylent Green to market.

The two most nutritional foods are coconut and avocado. They can be eaten raw or with very little processing. And they combine well with other nutritional foods such as chocolate. Yes, chocolate. Boycott processed commercial cocoa (cacao) and eat raw cacao power or butter and enjoy a superfood that elevates mood (legally).
Starving people eat maggots. We can join them or raise them out of poverty. Not with charity, but with knowledge. Poverty is caused by economic restrictions, i.e., government regulation. The USSA has been transformed from the richest economy to 16th worldwide by increased economic control. Wherever you see greater economic freedom, you see a higher standard of living. There can be no "balance" of freedom and control. Either we have a right to be free, or not.