Is it that this device acts like an AirPlay receiver of sorts and accepts a video feed from an approved device or is it that the device simply acts as a remote and the device gets its own stream from Internet sources? The latter is much more intriguing than the former, although both have issues for sure, but hard to complain for the price.
It's an interesting concept either way. I don't see it as a huge threat to the Apple TV or Roku, as both do a lot more and have dedicated controllers. Using an Apple TV with an iPhone is nice in some respects, but the wifi connectivity isn't great. A Bluetooth pairing would be exponentially better. It doesn't appear this device uses Bluetooth either.
As I see it, I could envision having an Apple TV or Roku for a main TV and something like this for another TV or for a computer monitor than can support this.