Interesting idea, and it is in general terms good that different options are appearing on the market. With that said, I see no compelling differences between this and the Raspberry Pi for my uses. Replaceable CPU/memory? Meh, $35-odd to entirely replace the whole computer is below my give-a-damn threshold. More CPU grunt is kind of nice, but to begin with anything I'm doing with something in this class of computer is not something that needs a great deal of that. More RAM? More or less the same thing as with CPU grunt. I've still got the earlier model of RasPi with only 256MB in active service as my ssh/torrent/whatever box, and it works just fine with such little memory.
Plus, the Raspberry Pi is a popular platform with its particular hardware features well supported by a variety of software. I imagine this thing's SoC has a different hardware mpeg4 decoder than the RasPi (if it even has one), for example, meaning you couldn't just take a RasPi build of XBMC and use it with this.
Still, if you do need something that's the size and approximate cost of a Raspberry Pi but with a little more power, or the same size and a bit more costly with a bit more power and more RAM, good for you, you now have another option.