You're dismissing it too soon. There is some promise hidden underneath that orange coat. Probably. Hopefully. Hardware seems to be good (enough), it'll be all about the Software. If this thing supports OSVR/OpenVR this could become a viable Option (amongst other headests that will undoubtly See the light of day in the near future).
To adress some of your questions. This thing has two modes of operation: Untethered/Mobile and tethered to a PC.
The first Mode requires that you buy the package with the "Smart" gamepad which will be connected to the Headset via USB. No wands or positional tracking in this mode. So let's quickly forget about that, there's cardboard for mobile porn.
Second Mode of operation is PC Mode (you can buy this without the snapdragon loaded gamepad for 200$ less!). You connect the HMD via a single USB cable to your PC (same Port on the HMD as for the gamepad).
The TrackingStation with two undetachable cameras can be used wireless (and most probably wired) and connects to your PC via 802.11ac dual band WIFI. So now you got the cameras and HMD connected to your PC where the Sensor Fusion happens. The wands connect to either your PC or probably to the Tracking Station via Bluetooth.
That should be it.
Some other thoughts and info from the other thread.
Some other interesting tidbits:
Thanks for the info since the original links were light on details. That said, a WiFi camera? Ehhh... A camera -> encode -> transmit to AP -> route to computer -> software stack (decode, analyze) chain might introduce a bit too much latency for VR. Hopefully it has a wired option.
Anyhow, as you mentioned, a single camera solution has occlusion issues, so the use cases for this will be similar to PSVR, not the Rift or Vive. Assuming PSVR does support the PC anywhere near release, it'll be the primary competition. In that case the price advantage becomes lower. Granted, it has some hardware advantages against the PSVR, but until people get eyes on both, it's too early to call it one way or the other.
Ultimately the proof will be in the end product. I'm quite skeptical about startups in general being capable of introducing quality hardware, let alone little known Chinese ones where crap knockoffs are unfortunately the rule rather than the exception. If Oculus/Facebook and HTC/Valve are tripping with their products and implementations, I don't have much faith in a small no-name faring well.
Also, supporting ASTW (aka reprojection) is a software thing, so if they're supporting OSVR/OpenVR APIs it comes with the package. It's not really a feature worth mentioning.