I don't see how this has any stealth potential. The whole point of "not drawing attention to the camera" would be impossible with this massive cube (with obvious glass & mirrors) stuck to your phone. You would be much better off simply pointing your phone's camera the usual way. MUCH less conspicuous and MUCH easier to play off ("What? Oh, this? Of course not!")
Bodhi Dharma Zen: is it fully functional? can you save your work without watermarks? will only expire when the final product launches?
It will also check your system date. I'm sure they have a "maximum life" and a "latest date" already encoded in the beta, which would take over even without internet access.