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Mighty Key, the new secure USB snake oil?

Anything labeled a "must-have" from a security company that we've never heard of is flips on our huckster radars, and a new startup called Atomynet purports to sell its new "Mighty Key" portable security solution. Basically it's a USB security key that supposedly encrypts data stored to the thumb drive using AES, provides remote encrypted storage, creates a secure connection to the internet, and deletes your browser's cookies and history files. Now that doesn't seem so offensive to begin with, until you find out that the company charges a monthly fee to use this device. Still not convinced that Atomynet could be playing you? Well, it doesn't help that their device is still only a mock-up, and yet they have "feedback" on the company's website, which, incidentally, reads like it was written by a D-average middle schooler. One reads (no, we're not making this up): "great, finally I can surf the internet without fear that my mom or dad knows what I do." Finally, we love how this Windows XP-only product is demoed on an iBook in the demo video on the site. Still, if you do try it out and are convinced of its effectiveness, drop us a line in comments, we're intrigued.
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