Of course it is vaporware. They're trying to prove the market exists, sell the product up front, then go build it. Will it ever ship or be remotely as thin and svelte as this mockup? I'm guessing no, but if they pull it off, kudos.
No, it is the most important and hardest part. My point about it ever shipping or being as good as the promo video alludes to this. It's easy(ish) to create a slick landing page and quirky video demo, it's hard as hell to make a product.