This is the same thing as ShapeLock, InstaMorph, etc, right? The generic name is "olycaprolactone."
I wouldn't call it "revolutionary," but it is convenient at times. It's better than hot melt glue for some fastening situations, and less sticky than Sugru for some modling/shaping situations.
The main drawback is the low heat resistance, and it's *not* as strong as engineering plastics like Delrin/Acetal or Nylon in my experience. Stronger than Acrylic, though, again in my experience.
It's also hard to make it look really good while forming it by hand -- it's not easy to cut with a knife while formable, for instance -- much tackier than modeling clay, as an example. You'll probably want to over-mold, and then mill/cut/shape away once it's set. Which, again, is hard, because any high-speed working will just melt it and gum up your tools.