I'm skeptical too, but don't count it out because the fibers aren't woven together. The weaving is not where the strength comes from, and it's usually not omnidirectional. If this machine can set the wrap angle, and build out several layers, the fiber layout might be comparable to a filament winding process. http://en.wikipedia.org/wiki/Filament_winding

But the thing that I'm concerned about is the curing of the stuff. A composite gets its strength by having a low resin content, and I'm not sure this machine/process can pull it off. Based on the few available details, it's right to be skeptical.