From my experience with it currently, the file sync part works just like it did as foldershare. It seems goofy that they ditched including phones as one of the devices in the mesh. It sounds like a great way to make sure your 'stuff' is backed up on the phone and it would avoid the daily "there was a problem syncing with MyPhone" dialogs I still get on my HTC Touch Pro2 with WinMob 6.5. The sycn portion is p2p, though, as I understand it, so perhaps they were avoiding massive data charges?
Edit: And I do plan to join you in Dec when my contract runs out.