It sounds like a good idea, but the one-color display is a mistake. Shades of gray are necessary for any useful application, at the very least. Color is better. As is a pressure-sensitive pen. In the name of price, they've made it less useful than an ordinary notebook, and it's still 100 times more expensive.
Keep this in mind : First, you can't sketch on it. No matter how light or how hard you press, the pixel is black. They hype this as a 'feature'. I doubt anyone will fall for it. Second, the buttons look like very flat breasts. That would be fine if there were just two of them, but there are three. Not everyone things more boobs are always better. It should at least have an even number. Finally, the copy-writing on their website is unprofessional to say the least. Fine, they aren't a company from an English-speaking nation; if your product is so great you can afford to hire someone who actually speaks the language to write your copy.