That is true, AnemicOak, but it's much more. First, and foremost, it's a server. Up to three people can concurrently stream from the Wi-Drive. Second, it's battery powered, so there are no cables. Third, though it uses your devices radio for communication, your device can use its radio to access the internet.
It's much more fun than I expected and small enough to never leave at home. I can store 40 MP4s on one of these. My wife takes it to dialysis, the kids use it on long car rides, and I'll pocket one when flying.