He's a troll. Before seeing that they had a working prototype, I was going to say that my brother, an industrial designer, made an amazing little point and shoot camera concept for one of his classes and that it was easy to make a concept anything. That camera is amazing, and it likely will be the wave of the future. I can't imagine how much each of those lenses costs, but I imagine that with such a high megapixel count, if they could manage to manufacture a fast zoom like the one they have mounted, and with further cropping allowing for a more "telephoto" option, they'd have a real powerhouse which would be good for most situations.
With that said, like the EVIL cameras, this won't replace SLRs because it'll surely lack the speed, easy and precise access to controls, and simple ergonomics. I would pay out the ass for it to be my walkaround though.