It does look well thought out, and I particularly like the small footprint it has when stood on end. At first glance it appears to have a Dyson Telescope-esque hose and wand setup, but from reading the manual it's actually a conventional separate telescopic wand which I prefer. Separate tools, as opposed to one those daft combo things, is another plus point, and I'm always happy to see another powerhead.
Something tells me it might get hung up easily on door frames and furniture, but I'll reserve judgement on that until I've seen one close up. The only thing that really bothers me is the 1.5 metre (5') hose, if the stats on the Argos website are correct. Maybe keeping it nipping at your heels is the key to stopping it getting caught up on obstacles behind you? Really though I'd prefer 1.8 metres (6') as an absolute minimum, preferably even more.
It is a bit spendy, but Vax products usually do launch with a vastly inflated price tag. That will soon come down, especially considering Vax run more sales than DFS throughout the course of the year.