My biggest worry would be that they don't seem to have chosen a modem for the phone.
Then it turns out that the vital piece which fits the requirements does not exist at all (or does not exist for small time customer), or is incompatible with the architecture which has a lot of resources invested in.
Not saying that this will be what happens and most likely Librem team are already well aware of this risk, but it is certainly a possibility.
I wish them well but I’m sceptical. Still, it would be great to be surprised.