I wouldn't spend the money. That's WAYYYYY too much and they shouldn't really be sat in front of the telly, and I thought research showed they don't learn
I do actually show my 19 month old words -- using a cheapo magnetic board or by drawing them with red pen.
I only have bothered with this because I noticed, then checked that she was reading (or rather, recognising) the odd word, such as 'baby', 'talk', 'fish' and 'kids' a few months ago. If she'd not shown interest in words I'd have not bothered buying magnetic letters and numbers.
I read to her frequently, not just at bedtime and to be honest I think she's getting it from there. Also, I make sure when we play that she leads me and I don't direct her attention -- so I'm in no way hothousing her or really want to do this pointlessly so she can show off.
I have read the Glenn Doman system (my mother taught me to read this way when I was two) but I don't really follow it. I realise it's not best practice these days.
Many kids (including me) learnt through a mixture of recognition and phonics. For example in China they learn really only through recognition -- which is why I found it so hard to learn Mandarin. And english isn't a purely phonic language anyway.
I really wouldn't spend cash on this and wouldn't bother so young and only as part of play if they show a distinct interest. EVEN THEN, playing and reading with them and letting them dictate the pace is the best way to go for most. That's why kids don't learn from telly -- it's really down to the relationship, one-on-one attention, showing interest in what the child is interested in.