They don't need another IM, they have WeChat and QQ, both have close to 1 billion users in China. I didn't see how SnapChat has something that Tencent can't offer in WeChat much so they would want release a standalone app.
The design, while about as good as we've seen for glasses with a camera strapped to them, still left a lot to be desired. Not everyone is going to want such a giant plastic pair of sunglasses on their face either, and the yellow camera ring wasn't exactly subtle.
Some interesting ideas in there for sure, and I'd genuinely be interested to see what future revisions may/might have looked like, but as it is today it has a long ways to go before I'd call it both "well designed and functional". I'm not surprised in the least this fizzled out once the pretty nicely done viral marketing campaign with the vending machines ended.
The 'circular' recording/playback format for the video that meant every recording worked in either landscape or portrait was really nice though. It was especially neat how one could alter the viewing format while the video played by rotating the phone, almost as if exposing a rectangular portion of the underlying circle. The charging case was also a nice touch.