I don't know if I would call it a laptop replacement. The site didn't give enough details to make a decent guess
My guess, it would be what we see with the iDevice versions or something similar to ASUS Transormer Prime/Infinity Pads. What I think you're getting is just a device just brings an Android experience to a larger screen and nicer keyboard to use. I'm almost want to say it's just going to mirror your device display.
If you're familiar with Android and normal OSs for notebooks--Windows, OSX, various Linus distros--then you'll know they're not exactly the same. Android is very capable OS, but it has it's limits compared to other OS choices
That said, it could a good choice for someone, maybe a student, for two hundred dollars. A lot will depend on what you need to use.