Yes, this is merely a 4-space CH main-lug panel with two breakers mechanically interlocked. The generator feeds the 30-a breaker terminals, back-feed style, and the utility the 60-a breaker likewise. The main lugs feed the load.
This assembly must be rated "suitable for use as service equipment" unless you add a main breaker between it and the meter. In addition, this unit can not be used in this manner on a service greater than 60 amps.
This panel is more suited to feed a sub-panel that supplies loads desired to be generator-powered, and not an entire premises. Additionally, back-fed breakers are supposed to have a "hold-down" device installed.
I have made my own transfer panels by basically combining this panel and a sub-panel by using a pair of breakers this same way, but in a panel large enough to contain the two "main" breakers and the branch circuits.
[This message has been edited by Larry Fine (edited 10-01-2005).]
Fine Electric Co.