It's not pitch to midi. It's completing a circuit when you fret the note. It doesn't look like they're even paying attention to strum/pluck at all. That's a pretty significant drawback. It would mean, for example, that all notes come in with the same velocity. Maybe that's configurable though.
Also note, it requires more modification to your instrument (or buying their custom ones) than something like a GK3b pickup.
And I'm not sure how they got this patented. Aren't there already guitars and basses on the market that do this? Didn't Yamaha or Peavey make a bass that worked this way? I don't think this is a new solution. If they succeed, it may be cheap enough to get some market penetration though. We'll see.
Sorry. Not trying to be a total a-hole here. They're wrapping up a Kickstarter now. I was interested, but I lost a shagton of money on the Console Kickstarter, so I'm never doing anything that large again. I'm definitely interested in seeing what actually makes it to market on this, especially if they do a bass version at some point, but I'm fairly cautious at the moment.