One of my paddling partners has one and he brings out once in a while. We've been on Lake Ontario in 1-3 footers a couple of times with it. I haven't paddled it but he says he likes the feel of it. His frame of reference is his other boat, a Necky Elaho, which weighs a ton. As stated the bulkheads are not meant to be water tight. They are for rigidity and to keep the float bags in place.

It certainly has limitations. I wouldn't want to play in the surf zone in it. Not that it would necessarily perform poorly but if you did come out of the boat washing ashore full of water in the dumpers might be more than it can take. Assisted rescues might be harder since it will hold more water only having float bags. I wonder if the material at the folds will fatigue and break in time.......

So having accompanied one for a couple of 10 mile paddles in waves ranging from 1 to 3 feet I would say it's definitely more than a pool toy. I think Et said it best, it is what it is. It isn't an expedition craft. Prudently choose where, when and with whom you paddle and it can pop out of your trunk and get you on the water. I haven't looked up the price, but I imagine it costs more than I would be willing to pay. But my friend travels more than I do and he can check it like a suitcase and get on the water.
Mark