This thing speaks to me. Yes 150 might not be "worth" it if you just consider what a huge industry behemoth with economies of scale behind them would put out, but if you look at it for what it is, a high build quality, unique piece of hardware that could potentially offer a unique play experience, being made at almost a 'craft' scale, it's worth the price of admission.
The size and battery life hopefully will contribute to being able to just throwing it in your pocket and jamming on it when you're out and about or sitting around.
The black and white screen doesn't bug me at all, in fact, I think the monochrome / gradients for shading look gives the whole thing an aesthetic and identity that I dig.
New games once a week in a "season" could lead to a social or community aspect of the system, similar to how you talk and discuss TV shows. "Hey, what do you think of 1bit Crank Minigun Man 2020?!" "Yeah, wasn't expecting that when I woke up today!"
Overall, I'm thinking that the experience of this will definitely make it a better device than something like the ouya. I'm getting one.