Devices like this are objectively a complete waste of time and money. But ... "What price Art?"
... There's a passion and a joy of creating wacky things that can sometimes produce fun photographs, so why not? As long as you know what you're getting into, there's no downside and no potential harm done.
They're fun things to play with and occasionally can produce some interesting results. I had a similar venture based on a Hasselblad 500CM body ... called the HasselNuts, it allows one to make photographs on an iPhone 4 or 5 using a combination of the iPhone's digital camera and the Hasselblad's lens and imaging system. While it ultimately was just a bit too much of a toy to keep me amused, I gave it to a friend who's had a wonderful time creating some interesting photo books with it and its unique imaging look.
I've got another one coming, currently in development: the Instant Magny 35
on Kickstarter. This one will let me play with my Leica M4-2 and output Instax SQ prints, which I think is actually a more reasonable camera toy to play with than converting the same camera to digital output. I look forward to seeing how it works.
And give applause to these guys and their digital back wackiness too. If anything, it should prove a fun toy for some.