In theory it's good, but trying to type on an Apple tablet the way you do on a laptop is near impossible. The iPad iKeyboard offers a convenient way to exploit the intelligence of the touchscreen keys, while providing a buffer that will minimize any spelling mistakes.
Cliff Thier is the brains behind the operation, working closely with IDEAZ, an industrial design firm. Together they've managed to turn a clever concept into a functional prototype, which is essentially a lightweight fabric overlay for use when needed on the QWERTY half of the display. The product can be rolled up and easily transported, and thoughtfully includes a raised grid of key separators to keep each finger better associated with its corresponding placement, and when typing on the tactile surface of the iPad iKeyboard, the reduced sensitivity translates to fewer typos and more intentional entry.