I have my 20' aluminum ladder stored in that manner, but I just rigged up my own system too. It's been working just fine for several years.
and you have the same thing for less than half the cost. If your ladder is really heavy, you could make use a block and tackle system by using another pulley.
In my case, I just used a lag eye instead of a pulley, but that wouldn't cut it for a heavier ladder.
For a similar setup with a bicycle, I used two pulleys. One where I needed to lift, which was in the middle of the garage, and one by the wall, directly above the cleat.
As for the cleat. This is the most expensive part. I've got a bunch of things in my garage lifted this way, and for most, I use an aluminum clutch device that works like a cam cleat. You thread the rope through the hole, and you can pull the rope, but must depress the lever to let the rope back. Let it go, and it locks right up.
As for the tie off at the ladder. I put a loop in the end of the rope, and stuck a small carabiner on it. You pass that through the last rung, go around, and snap it back onto the rope. For the bicycle lift, I did the same thing, but tied a second loop about a foot from the end of the rope. You snap the biner onto the second loop, so it can't scratch up the bike's paint.
