Devices such as these, as well as the Cloudlifter - https://www.cloudmicrophones.com/ - are designed to raise the level of some dynamic microphones, particularly ribbon mics, right at the microphone, so that connecting through a long wire will not be subjected to losses. They're really no different than any other mic pre-amp, but they can be useful for those times when you have a very low output mic, which requires a large amount of gain to be applied by the normal pre-amp, to the extent that the pre-amp's self-noise level is raised to an unacceptable amount.
Whether or not you need something like this to use with your Babyface, will be determined by what microphones you are using. If you find that working with low output microphones, such as dynamic ribbon microphones, yields an unacceptable amount of hiss and frequency response degradation, then by all means try one of these out. On the other hand, you may find that upgrading your microphone pre-amp(s) to something capable of providing more gain with less noise might be the preferable path. I own an AEA TRP pre-amp - http://www.wesdooley.com/preamps/trp2 - , specifically designed for ribbon mics, which can provide upwards of 75 dB of gain, without appreciable noise build-up.
Fireface 800 - Firmware 2.77
Drivers: Win7, 3.125; Mac, 3.36