Mobile gaming ring controller?

So bumming around the net and i come across this device on Kickstarter.com that connects to your phone and allows you to have a new aspect in mobile gaming. im still unsure of my thoughts on it but here is the device explanation video. Its called the Ringbow!

Umm, wow. I guess it truly comes down to if it is actually useful in the aspect they say it is. An FPS would be the true test. The promotional video makes it look kind of cool but i’m not sure its 35-55 dollars cool. However each one will come with a pack of games so that you have something to play in case other developers decide its not worth the hassle.

They have a goal of 100,000 dollars to make this happen. You can check it out on their kickstart page http://www.kickstarter.com/projects/669350010/ringbow-next-generation-gaming-accessory