As Kotaku notes, it's fully functional. You can scroll up and down a page and adjust volume by turning the paper knob, and the return lever works as the Enter key. It has all the traditional keys as well, including a stand-in for the Command/Windows key. Capcom's images even show a 10.5-inch tablet sitting where a piece of paper might, if you really want to commit to illusion.
It should all feel fairly retro too, considering the aluminum frame and Cherry MX Blue mechanical switches under the keys. Compared to the 4D Resident Evil 7 candle though, this won't be cheap. Pre-orders are open now, and prices range from ¥75,000 ($676) for just the keyboard to ¥99,800 (($900) for the keyboard, collector's edition of the Resident Evil 2 remake and four rolls of "ink ribbon" styled masking tape.
Or if you'd rather something a little cheaper, you could always spring for one of Qwerkywriter's other keyboards, albeit sans Umbrella Corporation branding.
Sure, it might cost a small fortune, but can you really put a price on the best way to write out your Chris Redfield fan-fic? The Resident Evil 2 remake will be released January 25th, 2019.