Actually, Walter is right, it operates over standard airwaves, i.e 470~664 MHz. So that's not the same thing as Line 6 on the 2.4G or 5G wifi band. Which is fine with me, I'm kinda wary of devices like the Line 6 and Shure ULX-D series that operate on wifi bands. They are getting terribly crowded. I've written about a few experiences with digital console control over wifi and iPads with a Line 6 unit nearby. However, I still seem to be the only person on the planet that's worried about this (well, me and our RF Frequency co-ordinator at church who co-ordinates over 60 frequencies every Sunday and Wednesday).
Looking over its webpage, it looks like they "digitaled" it up with some DSP controlling some functions, which isn't new or earth-shattering. Other than that, I can't see a big advance in the technology.
Nonetheless, this looks like good stuff (except for the earbuds!). OP, Report back with your experiences with it.
(And there goes the goofy font size thing again!)