Yes it's a mobile phone but it's also a camera capable of recording video and capturing stills. Not only that, it also has the ability to provide 3D scanning and, taking the unit into Star Trekian territory, a holographic projector.
The purpose of the swivel and flip ‘transformer' design is to move the touch sensitive interface into a separate field depending on the function. Hence, the phone functions appear at the front and the rest are moved to the rear - along with a pair of stereo speakers.
The ‘device' was designed by Shkinder Maxim and, who knows, there might be a manufacturer out there on the phone right now pinning the guy down to a contract.