I've got one of these on my desk as I write. I've actually been working with it for several months now, and it's pretty sweet. It's intended to be a DSP co-processor coupled to an FPGA. The company I work for (BittWare) has invested heavily in Adapteva, and we are introducing some boards featuring a handful of 16-core Epiphany chips (which we have rebranded as "Anemone") and an Altera Stratix 5 FPGA.
The tools are Linux-only at this point, but that's more than OK by me. I think this is the first time I've ever not been forced to use Windows to develop code for a new processor.
The target application is anything that requires lots of DSP but can't burn many watts.