This system hits most of the checkboxes that you would expect for a purpose built security system in this price range:
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Entrance/exit delay (which they are calling “countdown”): check.
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Built-in keypad. Check.
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Built-in siren. Check.
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Choice to disarm with an app, a key fob, or a code on the built-in keypad. Check.
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Built-in status light to indicate whether the system is armed/disarmed. Check.
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8 hour Battery backup so it will continue to work if the power goes out. Check. ( it’s spec’d for 12 hours.)
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Optional integration with a professional monitoring system. Check.
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Optional cellular service so it works even if your Internet goes out. Check.
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Optional but tightly integrated camera integration. Check.
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Optional integration with a smart lock. Announced for 2018, but not yet available.
Also note that the new cameras no longer require you to buy a monthly service plan to get facial recognition and some of the other advanced features. That’s interesting.
Individual devices are all relatively expensive for the low-end, but still in the low-end. It will be interesting to see how this package does in the marketplace. And whether somebody comes up with a HomeKit alternative or whether nest adds HomeKit compatibility eventually.