I had similar thoughts. I didn't have time to watch the video, so I only saw the title card and the gifs. Looking at the gif, it seems the idealized version has a vertical torch, rather than the horizontal hand torch in the video, and the cables coming from the torch head looked to head towards the main box iirc, and I thought that was pretty misleading.
I had a similar opinion on the "portability" aspect. You could use a portable compressor, but if you're doing a sizeable amount of cutting, you'd probably wear out smaller tank compressors due to over cycling them. If you're using a bigger tank, then id question the whole portability aspect.
I'm a little skeptical about their "inexpensive" claim, what with the encoder feedback being a selling point. I'm my experience, a decent servo-type drive and encoder setup isn't that cheap. I suppose it could just be stepper driven, with the encoders primarily used to do the tracing feature (and maybe used as feedback on the steppers), but that seems like some serious development work for a software solution that may not exist. I know a lot of these companies on indiegogo and Kickstarter love developing their own software anyways.
All that said, it looks kinda neat and handy. I suppose a SCARA-like motion system is probably ideal for balancing portability and work area.