How does this compare to a Yubikey for example?
This is probably the right tradeoff for most users. Solokeys has done a great job of providing continuous support for all of their products, and their software stack has been open source since the beginning. That (combined with the low price) makes them my first choice for a hardware security token.
You can't set it to wipe when updated?
"Solo Hacker can be converted to a secure version, but normal Solo cannot be converted to a Hacker version."
It's more open source though. Yubikey open sources some components like that PGP applet but not all.