If I had ever used my last camera much, I'd be all over this. So basically it appears to be a S3 guts and they just added a telescoping lens. But in all honesty, there's a lot of unneeded "extras" in there, maybe, that would make the price excessive. Think about it, you'll basically be paying for an S3 PLUS the price of some decent optics.
I assume it has wifi, but 3G & 4G capable seems a major waste (unless you're on a shared plan, who but a professional photographer - who wouldn't wast $$$ on this - would have a need?). It has 8gigs of storage, so I don't see how critical it is to upload on the go since you can do that when you are near wifi.
Tough call - I could see this being a total flop, outside maybe Korea. But it's a great "innovation" and maybe down the road they can figure out how to cram a decent telescoping lens in a camera. I kind of feel like mostly only Apple, to date, has given much of a priority to the camera.
I was also going to say the quad-core processor was overkill, but that probably helps for image processing and especially the camcorder. This could have some REALLY nice editing software.