Hi!
I have two of these, from a fab parts auction. I have the original Eaton 5115, but the smaller, 24V version with four batteries. The internals are the same, even the battery drawer. Only the label is different. One of them was renewed with a fresh set of Panasonic batteries, and now it's operating well. The other one was tested, and put in storage for spare, without batteries. I can confirm, it won't power up without a battery set. The only con is the bundled software. Eaton's Powerware suite software is a bit of crap, it monitors the UPS only for 15 minutes, then it says UPS is offline. I haven't tried it with XP which the UPS designed for, and also Windows 7 don't have the drivers for it, (unknown usb device), so only that downloadable crap PM software can be used from Eaton's site to monitor the state.
The two loads can be swithched separately, I tested that functionality. As You can see, at the connector, there's a fourth black wire hiding under the blue neutral on Your video. With the software suite, you can specify, that on power loss, it turns off first the least important stuff, to a save battery life before it shutting down finally, e.g. shutting down first the web server, then the sql server, or first the monitor, then the PC. You can also set the shutdown timers and treshold voltages from the software.