This is interesting.
Iomega seems to have created a usb/firewire docking station for laptop hard drives (or some proprietary technology which by pure coincidence has the same storage limitations and physical size of last year's high-end laptop hard drives, at something close to last year's prices).
Whether this product proves as revolutionary as they're hoping will depend largely on partner devices and software applications that don't appear to exist yet. Until those are released, "Peerless" doesn't look to be much more than an interesting hodgepodge of existing technologies.
That being said, the slogan "There's Nothing Else Like It" seems a bit unethical..
Clever marketing, though.