Alright, I went in thinking "come on, how 'overengineered' can a mechanical pencil be?", and by about halfway through I wanted to buy one, and at the end I readily admit that they've managed to find exactly the problems with these things and fix them, way beyond what I would have thought practical. Remarkable:)
A product is not overengineered when it has many features, but when its many features make basic usage problematic, generally because the thing becomes less robust and fails too often. These features in the video look useful, but we haven't heard anything about failure rates, so we can't say if it's overengineering or not.