Thoughts.
 

http://www.fallenangelbrewery.com/Bproc.htm
http://i23.ebayimg.com/05/i/000/8b/b3/c93f_3.JPG

An interesting device. As with all electrically heated setups, I'd be concerned with caramelization and that heating spiral looks like a pain to clean.

It's an interesting concept; but I would be concerned about extraction efficiency due to the fact that there is no sparge. Even if it worked perfectly, it's wicked expensive, especially for a 5 gallon system. Besides, how can homebrewing be fun if it's as easy as making a pot of coffee?