According to the description, it is actually a Xilinx Spartan 3e 500K FPGA. No Cortex virtualization, emulation, or CPU at all.
As a geek toy, it looks very useful, but for $150 I honestly can't think of anything to do with it that couldn't be done equally well if not better with a Beagle/Pandaboard in software. I'm going to pass on this one. Well, I was going to pass anyway, since I'm trying not to spend money on more geek toys, but this time I have a reason.
What would you use it for, if you were to get one, I wonder?