It looks like it's essentially an oversized iPod that can connect to your network (hard wired or wireless) allowing you to load up potentially several hundred CD's from your PC. It also has coax and optical digital inputs and two pairs of analog inputs which should let you rip CD's from just about any player directly connected to it. There's even a USB connection for adding more storage. That should be able to hold tons of music.
The output seems to either be their 40W amp directly to speakers or the lone analog pre-amp pair. It's a shame there isn't an option to provide a digital output to your favorite pre-amp, though.
Kinda neat but I'm not sure it's anything I "need".