I was hoping somebody would start a thread on this new setup! It's very intriguing to me. The ads say they will be shipping mid-December. I hope somebody on the Board gets a chance to see one in action and reports back to us!
I live in a small condo and don't have space for a longarm (or the $$ either, but that's a totally different issue!). The 5' size of this frame would probably work for me, though. It appears that the MSRP on this new frame is almost exactly the same as the HandiQuilter Sweet 16 sit-down model so the decision would be - do you want to move the machine or move the fabric?
By the way, Brother is coming out with something very similar, which is called the "Dream Fabric Frame", but I think you need to have one of their top-of-the-line machines (like the Brother Dream Creator) to use it. Here's a YouTube video about it. I think it's coming out in 2016.
https://www.youtube.com/watch?v=PVXbm6M684Q