viral "SCIO" device- bunk or legitimate budget/portable spectrometer?

[salukikev]

So this video is going around lately- pitched with a slant toward consumables analysis via "spectrometer" (at least in the initial video). The fob-sized device interfaces to your phone and references a growing database to make its determinations. It's a $250 device I'd love to have if its legitimate. I'm guessing that it depends more on the database & algorithm to compare similar values to known materials (rather than detailed data), but this really isn't my field, so thought I'd ask for some opinions here. The specifications & premise are pretty well explained at the site, but I'd love to here an unbiased independent opinion from someone within the industry.
Of course I'm skeptical compared to other spectrometers & equipment I've seen, but I was also skeptical about Seek Thermal's $250 FLIR camera until I got one and found it tremendously useful at its price point. Hoping this is a similar case. Thanks for any opinions/experience!