The verbiage is fairly clear, Mark, if you click through to their Kickstarter page, and there are plenty of example shots and videos. The grid patterns focus the flash, with multiple grids reducing the overall effective radius of the flash - if that's what you want. You can simply use it to hold gels as well, so it's a lot of function for the money.
My two real concerns are magnets and electronics/data carriers, which they address specifically in a video, but the line about "if this was a hard drive it would be toast" bothers me since I occasionally throw a USB external in the bag, like I did last Friday when I went to a friend's with laptop and lights in tow to shoot product shots for his business. I understand care can be taken, but I hate the idea of an accidental wiping of a hard drive. The second is the durability. If they would guarantee the thing for a couple years, replacing it for free if it tears, then I'd be on board already, because every other solution seems to be a compromise. Even with my concerns, I'm seriously thinking about getting the double pack and offering one to my brother.
