Incidentally, the earlier responses pointed out that this is a spokeshave. Spokeshaves have a body that will limit the chip size and prevent, or at least discourage, tearout. Drawknives are an open edge with handles on each side, nothing but your skill to limit the chip size:
(thank you, Wikipedia, for the picture)
With a drawknife and cooperative grain, I can remove an inch of wood from the width of a board in under a minute per foot; sometimes faster. On very cooperative wood, I can shave that edge pretty smooth, but if I want real delicacy/precision, it's time for the spokeshave.
Basically, drawknives are to spokeshaves as chisels are to planes. As with chisels and planes, drawknives and spokeshaves complement each other. If you're doing much curved work, you want both.
