It reminds me of the Phantom from back in like, 2000 (for those too young, look it up). It's probably totally vaporware.
On a side note, this really makes me wish Sega would come back and slay with a new console. Their IP is so rich and deep that it seems totally doable. I know they were almost broke but they've made that money back now and all they'd have to do is hire the right people to steer the ship.