I don't really see that at all. It's primary focus is replicating the keyboard and mouse experience on a controller. The only thing that could be argued that it's "missing" compared to the mouse and keyboard are all of the keys of the keyboard (if you use a shit load of macros or stuff like that), and if I remember right you can program one of the touchpads to simulate button presses (up on d-pad=flashlight on, down=crouch, etc.). Like people who have tried it have said, these are a lot more advanced than shitty laptop touchpads.
You've got an analog stick for movement (better than WASD, IMO), right track pad for mouse look (heavily customizable to your preference of sensitivity and play style), triggers and buttons on the back, 4 face buttons on the front, and a second touch pad for whatever you want (from what I've heard).
I'm sure there are plenty of games (specifically console ports) that will still probably play better with a normal controller, but this controller seems like the perfect solution for playing KB+M games in your living room (RTS, city building, shooters, etc.). And console ports have been getting better PC ports than in the past with better KB+M support, so those games will probably play exactly as well, if not better than with a normal controller (faster camera control, easier button customization, buttons on the back of the controller).