I've wondered myself about the idea of standing over the track rather than straddling it. I'm not sure the stand-up only thing is a bad idea, but it does put the weight of the rider much higher than the rest of the sled/bike (slike?), and necessarily limits the rear suspension. It only advertises 4" of rear travel, so your knees are most of the suspension. The powertrain may be adequate, but it implies more light off-trail use than anything else. The highest HP, outside of exotic engines, that I can find a 250cc 4T engine making is some dirt-bikes at 40 HP. Even assuming 200lb RTR (it's probably a dry weight), by the time you add in a rider, you're around 350lb. Even if it's close to 40HP, it's still at or below Cat's Blast in power-to-weight.
It does show some promise. I think they need to switch to a bigger 2-stroke and get to 60 HP, then put more track under it before it'll be in any conversation involving deep snow. Right now, it looks more like something a mountain rider would buy for an occasional alternative, or maybe a good option for a snowbiker. It's the kind of thing I'd buy to play around with, see if it sticks kind of thing, if I had money to burn. With this particular company, if they're just designing it and having it cobbled together in a sweat shop in China, then I'd pass regardless. So I don't see ever owning one in its current form, but the concept might go somewhere.