I don't have a problem with charging a grand for an app. I'm sure there will be many productions that will have use for the iPhone as a $600 throw-away 4K action cam. Of course, if it gets busted, it's not a simple matter of popping out an SD card to retrieve the footage.
For $10-15K, you can get any of several 4K cameras completely assembled for you. Why settle for one whose specs are bound to be so limited?
Looks like another system built on he CMOSIS CMV12000 sensor. We have enough of those already in use (BM4K) or in the pipeline (Ursa, Cion, Axiom). We really need better dynamic range and low-light performance.
The CMV12000's native dynamic range is maximally ten stops. Each of its three HDR methods has problems. I suggest reading http://www.dvxuser.com/V6/archive/index.php/t-299568.html.