I suppose that The Toastmaster was a pretty amazing device in its time. Are you curious about it? SEE HOW IT WORKS!
Previous to The Toastmaster, toasters required you to manually FLIP your bread in order to toast both sides. The Toastmaster did this AUTOMATICALLY...though not by flipping; it probably had two elements, one on either side, the way our modern toasters do today.
Note, however, that it only toasted one slice at a time. Maybe people didn't eat a lot of toast back then.
For some reason you needed to push TWO levers down instead of just ONE. In the next picture you'll see what appears to be different hands pushing down each lever. I imagine that The Toastmaster was like a nuclear failsafe device, requiring everybody involved to turn their keys at exactly the same time, to prevent holocaust.
The Toastmaster didn't set your apartment on fire if you turned your back on it. In fact this advertisement specifically told you NOT to watch the toaster, as though doing so would give it performance anxiety.
Note the way The Toastmaster radiated hypnotic "toast light," even when it wasn't turned on. Maybe that's why you weren't supposed to stare at it for very long.
As the accompanying text said, the toast was "automatically discharged," giving you "the superlative in toast." It also implied that toasters had only been around "for two years" or so, which probably explains why this one was so crappy.
Really, though, toasters haven't advanced THAT much. I find that the biggest difference today seems to be in terminology; have you noticed that all new toasters have buttons on them that say "Cancel?"
PS: "The Toastmaster" was made by the Waters-Genter Company in 1926, though this article appears in the February 2, 1929 New Yorker. You'll be thrilled to know that there is an entire website devoted to early toasters and that they give lots of attention to The Toastmaster...they even have scans of the original instructions!