I would never use this wallet for anything, and I don't think it's secure enough for storing anything other than coupon codes or maybe pizza recipes.
Oh, come on now, Wiz Khalifa is using it! It could be really nice, but it looks like a pretty basic wallet with a touch screen and a camera. Oh, and it has a flashlight, in case you need to recover your seed in a cave, presumably.
From UI and form factor, it is probably a repurposed, very old Android smartphone (like Samsung Galaxy S3) with a stripped-down OS and a single application (wallet).
It wouldn't be the first Android-based hardware wallet, but at least other projects aren't based on off-the-shelf, outdated hardware (just a guess, but an educated one in my opinion..).