I always wondered why a concept like this never made it to a device -- e-ink displays are pretty incredible with battery life, and my phones usually last quite a long time without the screen turned on. The specs look quite compatible to current-generation top end phones, so it'll be interesting to see this device in action.
I also recall Pixel QI (http://en.wikipedia.org/wiki/Pixel_Qi) working on a hybrid e-ink and lcd display, hybrid in the sense that they used current lcd manufacturing technology to have a display operate in two power modes, with and without the backlight on, with different resolutions too, but I haven't seen any of their displays make it to a really main-stream product yet.