Nice try, but it falls short at $500, and doesn't shoot RAW. Seems the big appeal to the author is the ability to use it to instantly share the picture via your Smart Phone. Being a non-Face book person, I find this totally useless.
I have been completely satisfied with my RX100, which really isn't that much more money than this.
I also found that the Apple Camera Connection Kit (a dongle for the SD card) works flawlessly with my iPad to transfer JPEGs, although I rarely use it, unless I want to preview a batch of pictures. I would guess it would work with an iPhone, but would eat up memory quickly. Seems the app for this thing places a smaller file on the phone.
Also there are now wireless SD cards on the market, but I haven't used one.
Thumbs down from me, but I bet a lot of young people will gobble them up for their texting-addiction.