Well I would think of it more like a spending trigger for any normal bitcoin wallet, it's just an easy way to interact with the blockchain api without an account or internet. Eventually an import private key function will be added so you can generate your own addresses and just import and spend offline. Possibly an option to register your phone number to a public key that so that no private key information would be handled by the service, but they could receive bitcoin by sms with no fee to them.