OK, so my good friend Stefan nailed about every single point I wanted to make in follow-up, so I'll just shut up
OK, maybe not.
I find it interesting here and elsewhere that some people really are quick to jump in and declare a product useless. Similar outcries abound with another recent product, the MetaBones SpeedBooster.
This Fotodiox is not "innovative" in that nothing like it has been done before (hmm, I think the same was said about SpeedBooster... de ja vu?), because, as has been pointed out, it has. What's exciting/innovative is that the extremely short flange distance of the NEX system results in a huge flange delta between the lens that is used (e.g., M645's 63mm - 18mm = 45mm) allows for a relatively simple construction contributing to the relatively low price of the product (compare pricing with e.g., Zörk Shift adapter with tripod socket and L-brack, which does something similar with MF lenses and DSLRs:
http://www.zoerk.com/Zoerk info/product_guide_current.pdf).
It was also this huge flange delta that also contributed to the "innovation" of the SpeedBooster. So I'd actually argue that the "innovation" lies mostly in the short flange focal distance of the Sony NEX system
But, besides the point for now.
While Stefan hit most of the points I wanted to make, there's one that he, of all people, forgot, which is the possibility of using MF tilt/shift lenses (Schneider, Hartblei, etc.), specifically with tilt, for example in a desktop product photography.
There is absolutely no way you are going to achieve the same effect of scheimplug with multiple shots around a nodal point and stitching... unless you start doing focus stacking
And, finally,
of course this product isn't for everybody. It's providing a cheaper (and, admittedly, a more limited) alternative to DMF, which is an
extremely niche market. Why would anyone expect it to be?
'Nuff said.