I think it's a cool idea, and probably has a market for those going on gap years etc. Certainly not intended as a gigging instrument.
As for the comment about ukes taking up room, if you're back-packing/travelling lost distances, carrying a hard case will be a pain in the arse.
It would be nice to see them in other woods that produce better sound, bamboo may be easier to work with and keep the environ-mentalists happy, but a uke that doesn't sing isn't really a uke in my book.
I'm still in the camp of the lunchbox uke, with the detachable neck that stores inside the lunchbox body. I wouldn't buy one, but it's still a great idea, even if it means you have to string it every time it's set up.