If they don't mess up the implementation then it would appear to be more secure than traditional cards. Especially in places like Africa (I assume) and the US where Chip and Pin has yet to be rolled out.
I appreciate the point you're making in that stealing this one card is equivalent to stealing a whole wallet-full. But isn't it usually the case that you lose the whole wallet in one go?
Actually, according to this worldwide map of card and terminal EMV deployment, Africa/ME had chip & pin tech, as of Q4 2013, in 38.9% of cards and 86.3% of terminals.
The difference is when I travel I don't take all my cards out with me, I would leave at least 2 backups in the hotel safe and another at home which can get sent to me in an emergency. Realistically imitating this behaviour on such a device probably won't happen.
I appreciate the point you're making in that stealing this one card is equivalent to stealing a whole wallet-full. But isn't it usually the case that you lose the whole wallet in one go?