[1] Sure, their wallet requires no set-up. Because they did it in advance - making it wholly insecure in the process!
While I agree it's a fancier and arguably less secure paper wallet simply because you don't know how careful they were in the process, I would not call it insecure simply because as we all know there are other similar collectibles funded with very big number of bitcoin and they are still safe and secure, so it is possible to be done right.
I do have a ballet card, I've won it at a free raffle here on bitcointalk, it's a small denomination (0.001
BTC) and being this small I've funded it.
I find it a nice collectible and a nice way to give a present, but, call me paranoid, I would not keep large funds on it. If need be I know how to make myself securely a paper wallet.