It does measure calories and steps but the way that Nike wants you to track your activity level is by relying on their fuel points system. This is a slightly different approach to tracking workouts since other sports devices rely on calories or steps to measure overall activity.
The FuelBand does indeed count calories, as well as steps. The gdgt review seems to disregard certain things or doesn't realize that the flaws in tracking with both the FitBit and the FuelBand are the same since they work on an accelerometer without taking into account the user's HR, BP, Temperature, etc.. Nike has NikeFuel as a motivational measure of activity in addition to the calories.
gdgt did a pretty inaccurate quick review.
You're right I misspoke in my response, I took it as Sandlapper asking if the FuelBand measures your activity level with calories. While it does measure calories the way the FuelBand is being shown off is with Fuel Points as the way to measure your activity level.