OK, forget that it's the first of it's kind to offer Rendezvous support...
There are many uses for this too...
Most printers that need the major bandwidth are already networkable, so USB 2 is kinda pointless. USB 1 works for most general printing needs at home, or the small office, which is what this product is intended for.
As for wireless connectivity, it would've put this thing out of the price range of many people's budgets. If you need wireless, just plug this thing into your wireless router, or whatever your router is hooked up to.
I have an HP network adapter for my Laser Jet 1200, and whenever the router resets, or something happens to the network, it seems as if my printer's IP address changes. My D-Link router really sucks with handling static IPs. A device like this (costing less than the HP device), would be really nice, because I wouldn't have to configure the printer every time something changes.
For the audience this device is targeted to (home use, home office, or small business), I'd say it's a great solution for networked printing. It's main use is to put a small, normally non-networkable printer on a network. If you want wireless, get a wireless router or access point. If you want faster speeds, get a printer made to be networked.