Way too pricey, IMO. For $70 cheaper you can get a Shield handheld which has far superior controls and the same internal specs, plus perks like official gamestreaming, etc, and for $20 more you can get a Shield Tablet, which has an Nvidia K1 chip and drastically superior parts, build quality, support, firmware etc.
The iPlay looks good in a vacuum, but when you compare it to the competition, at that price, it's a much harder sell.
Also bear in mind that it will probably be riddled with bugs and take months for a custom firmware to be developed which fixes all the bugs in it, since these companies never actually fix the bugs themselves, IF a custom firmware was ever developed for it, that is...
If they managed to get the price on it down to something like $150 it would be a decent buy, but until then I doubt it's worth the money.