I can see why some would think they are the cats meow. If you want dependable reliability with ease of exit and entry they might be great. The DH and BMX croud spends as much time out of the pedal as they do in it.
This design falls short for those of us who keep our feet on our pedals most of the time. There is nothing to align the magnets. Sure, you'd get it close, but your foot placement would be different each time you stepped on the pedal. I think that would bug me.
I think it is a viable product for the DH and BMX croud though.
I was "look"ing into the looks, but was slightly turned off by the fact that the tension is not adjustable. In all honesty, I haven't adjusted my spds other that the 1st day, but if the tension on the looks is all bonky, it would suck.