Toy; useful for songwritting scratchpad purposes ('inspiration insurance' as they refer to it) but little else. Doesn't do much your smartphone can't also do (but granted, better quality audio than your iphone mic in a shit room, due to direct recording; drawback is only records one source). Also doesn't say if there's any output (e.g. digital - to DL to your comp) aside from the HiZ analog out.
A little short-sighted as far as workflow IMHO - would have been much more useful/versatile as an in-line device with female connectors so you're not stuck with an extra weight hanging from your output jack - choose your cable length. That would also allow you to put it anywhere in the signal chain more easily/neatly.
Hand activation.control may also be a fail - stompbox format would work better. Then there'd be room for a mic input as well and presto - a really useful product (I mean, who runs every instrument through the PA at a practise? I laughed out loud when I read that as a suggested use).
I wouldn't reamp with it either (other than for test/experiment purposes vs trying to make a recording I'd give to people to listen to). The recording quality/conversion can't be good enough (cost, small size and battery power mean it has to have some audio quality trade-offs).
That said , if it is only the price of a boutique guitar cable (so like $40-80?) it could be worth it as a songwriting tool; but personally I'd opt for getting either a better plugin mic/preamp for your iphone/other smart device or one of those ubiquitous stand alone pocket recorders (Edirol, Olympus, Tascam and Sony, among others, all have products in this category in the sub $150 range, with built in calibrated stereo mic pair and often also a direct input option). Some of those are actually surprisingly decent.
/2 cents
