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I don't see why it is a "terrible idea". It rather seems to be a stringent concept. Most people seem to have a smartphone nowadays - at least more people than those who own dedicated e-readers. The smartphone is also always taken along as it is the mobile phone. The smartphone provides connectivity via 3G, WiFi and Bluetooth, it has also plenty of processing power and it provides means of payment (e.g. via Google play or the billing of the network provider). So why should you provide all this in a e-reader as well, if the main thing you are looking for is the e-ink display?
The company claims that you can use all files that can be processed by the phone or the PC. If this means that you can read on the device books both from Amazon and those that use ADEPT (including books from the public library) it is quite an attractive concept.
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