It looks sweet. For it to be competitive I would assume it would need the following
-live stream to FB, YouTube, Periscope, and any other streaming service for both Android and iOS
-water resistance ip67
-Ability to record without a phone and then upload it later all without a computer
-stream wireless unlike the insta360 for iOS where it needs to be plugged into the phone
-1440p60fps and 2.7k30fps (you will notice a difference between 1440 and 1080 when your wearing the 360 glasses but won't notice a difference on your phone without the glasses.
If they have all this, it would be the ultimate 360 cam. I like the insta360 but it needs to be connected to the iPhone to be used and limited functions without the phone. Not bad but what if I use a case, it won't fit with a case so I risk dropping my phone when I'm using it. And my phone is completely water resistant so the use for it is limited. With all these 360 cams selling for around $250 or less, GoPro needs to price it at a low price and make a lower margin of profit if they want this to take off. Even at $350, it's still reasonable priced.