This and the Model 100 was produced in the mid to late 1940's by the Pacific Safety Razor Company of California.
There are two versions of it, this one is the 300. The differences from the Model 100 is that this handle is a light blue in color and it contained a Styptic Pencil. The case has a black base with a cream lid. This one arrived with a small bottle that fits so perfectly that I wonder if it was not original.

The rest of the razor is the same so lets expand on those features.
  The ball-joint means that the head is pretty much infinitely adjustable and it was advertised as "COMPOUND ANGLE ADJUSTMENT"
  Its also a Differential head and this was advertised as "SELECTIVE SHAVING CAPS"
  The Clear bar was advertised for "Tough or Long Beards" and the colored bar for "Average Beards".
  The bars also roll, but I doubt that they actually do while shaving as they are made of a smooth plastic.
  The head is zamak, as previously mentioned the rollers are plastic and the rest of the razor is aluminium.

How does it shave?
I haven't shaved with this one but doubt that its any different to the Model 100.
That would make it a very mild shaver.