Success will depend ok how they will market it. They launched the PSTV with similar function with little advertissment, and despite being a fantastic product, it was heavily discounted and then abandonned.
And no, it's not similar as remote play, if anything, it's slighlty better, cause the best case scenario for remote play on the phone is this:

And I don't wanna say it sucks but it tries to remove all the air if a defined space between two objects.







