The ZX Vega is currently going through crowd funding on Indiegogo, trying to raise £100,000 for the first 1000 units and after seeing the device I had almost written it off entirely.

Rest assured, none of these questions are answered in the indiegogo pitch, but given Chris Smith's involvement this might be one to watch out for in the future.
The hardware itself is basically a small ARM SoC with some flash memory to store the built in games, though it'll also have an SD slot so you can run the free roms found on World of Spectrum etc.
Hopefully, it won't be pants.