yes, it's basically just a copy of the innards of a cheap chinese handheld complete with a copy of the various emulators that were ported to the platform and a frontend for running just the neogeo games via fba bolted on.
it's underpowered, and basically illegal, the only licensed thing is probably the NG roms themselves, people have reported there are even copies of the PS1 bios on there(!)
whatever version of FBA they're using is also apparently rather bastardized and suffers from numerous emulation glitches either because it's been built on an early version, or with a buggy compiler, or because somebody (who clearly doesn't understand emulation because they would have just done their own emulator) has tried to optimize it for the inadequate hardware.
Strangely enough about the only thing apparently not on there is MAME, but I guess FBA is the new MAME for these low-powered devices, so get used to it guys....
you get none of the benefits of running on original hardware and all the drawbacks of an emulator hacked to run on poor specs along with the usual lack of quality control / poor decision making you get with cheap chinese knock-off products (reports that it scales 224 -> 240 etc.)
much like Apple stuff you're paying for the name / brand here, certainly not the actual product.
I'm sure somebody could load it with a better NeoGeo emulator than the one they ship, but it's not really even that much of an interesting hobby machine due to the poor specs.