Can anyone explain what this is? Is it just like a temporary Wordpress installation?
That's exactly what it is. We use this internally for customer support, product demos, and testing/debugging. Now we're opening it up to the public.
The ridiculous domain name is to prevent people from using it in their own product demos/support channels. Soon we'll have support for custom URLs and a real landing page.
Looks great. The template feature will come in handy.