I read everything I could find on their Kickstarter page just this morning. I am also interested. The main appeal to me is a depth rating of 200m. My GoPro dive housing is only good for 60m. That's enough for now, but I'm working towards eventually diving the Monitor and it won't be enough then. People in my dive group were supposed to dive the Monitor this weekend, but hurricane damage has scrubbed the trip until next year. They want a video camera that will work at that depth and I almost convinced myself to order a Paralenz just so I could loan it to them when they do the dive.
I also like the streamlined shape and the fact that there is no need to use a separate housing with it.
And they say that you can replace the lens yourself, if it gets scratched. That seems like there is an opportunity for other lenses, like a fisheye or macro or tele, down the road.
I do not like that you can't swap the battery when it gets low, though.
All that said, with SJ9000 action cams shooting 4K video and selling for $50, it's hard to get motivated to spend $350 on the Paralenz when they aren't even released yet.
If they were really crafty, they would put an LED on there and offer an accessory to let you use the LED to trigger an external strobe, so you could actually use it to take (potentially) good u/w photos with it.