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My mind is racing with all of the creative and fun software possibilities that this type of hardware can enable. The video showed some great examples. At $70, its within a reasonable price point to take off.

The only thing I'd be concerned about is arm strain that results from holding your hands in the air like that. After a few minutes, its probably pretty uncomfortable. Does this work even if you rest your elbows on the desk? I assume it would, but the question of arm strain and comfort is the only thing I wonder about.

What kind of radiation does it use for sensing (infrared, ultrasound, visible light, ...)?
it uses IR illumination from 3 rather large IR leds. A problem with this approach like all other IR approaches is that it's quite subject to IR interference from itself (unwanted reflections), sunlight, halogen lights, etc... not much you can do about it.
Not really clear there about Mac support (other than 1 screenshot with one in it), but interesting nevertheless!

Actually, Apple should buy this company and integrate this thing above the trackpad on mac laptops...

Have they revealed anything about how it works yet? What category of device it is?

All I see are a blank grey surface and boasts.

Kinect may have been sufficiently advanced that the media regarded it as magic, but as an high-speed parallax-based IR laser projector rangefinder coupled to a webcam, it's built of real devices with real performance specifications and limitations. This company has a credibility problem, especially with their grandiose claims of precision.

Wondering if it does support text input.

If yes - then this will be heaven for someone "sniffing" passwords.