There's almost nothing on Travelmedia's website about this product—and at the moment the World Vibrations website just contains a page with the domain name on it. However, there's a good video on ZDNet's site about the product.
For about $2200 dollars, you're going to get everything you need to run a private radio station. If you can get an FCC license, they say you can buy a transmitter for it, but by default it comes with everything you need to stream the audio over the 'net. The playlist features look pretty cool—it'll allow you to do anything a regular radio station would: program playlist in advance, play things at a certain time, pre-record announcements, do live broadcasts etc.
The geek/music lover in me thinks this is way cool. Think I can convince the FCC to give me some airwaves. :)