Looks cool. It's way too expensive. I would probably go for Ledger Blue(when it comes) or Trezor than spending ~$220 on this. I like the idea. So I may create one myself. 
Bitcointalk thread: https://bitcointalk.org/index.php?topic=253975.0
Reddit: https://www.reddit.com/r/PiperWallet
Edit:
Mycelium Entropy is good for creating paper wallets. +1.
They have mentioned in their website that they are using Raspberry Pi.
Bitcointalk thread: https://bitcointalk.org/index.php?topic=253975.0
Reddit: https://www.reddit.com/r/PiperWallet
Edit:
I think the price kills it: $229 USD or 0.9630 BTC
Look over here at Mycelium Entropy that you can use on printers that print from USB: https://bitcointalk.org/index.php?topic=709936.0
I think the usb device for around .80 btc less is a better option if you have a comparable printer. To me this wallet printer looks like a Raspberry Pi and small printer. I would guess you could build your own that does same job for much much cheaper.
Look over here at Mycelium Entropy that you can use on printers that print from USB: https://bitcointalk.org/index.php?topic=709936.0
I think the usb device for around .80 btc less is a better option if you have a comparable printer. To me this wallet printer looks like a Raspberry Pi and small printer. I would guess you could build your own that does same job for much much cheaper.
Mycelium Entropy is good for creating paper wallets. +1.
They have mentioned in their website that they are using Raspberry Pi.
I see your point that it's really expensive. But I think that you get something for the money: a printer, a PI and a cool device. Plus it's easier to print out paper wallets.
What I like to know is how they are generating the private keys.