Well... it's not really new, having been around for quite a while (at least as long as Ubercart according to their blog posts). I'm not too worried about competition as there are some fundamental differences (check their download size ). They definitely have a fine marketing department, but it's hard for me to imagine their CMS features or extensibility will come close to Drupal's.

It should prove to be quite popular if folks can get it up and running, though. Seems like every time I stop by there the recent forum posts are 75% installation problems.