It looks very nice, and I'd like to have one. But not for that price. It's faaaarrrrr too overpriced for what you get. They really should have pre-programmed it with more games. There are disc-released game compilations that have more games. And the games they give you are already mostly available to you on the SNK Arcade Classics compilation for PS2 & Wii.
There is the promise of new games being released for it, but I highly doubt game developers are gonna invest in a system that probably won't sell well due to poor marketing. If you were EA or Activision or whoever and you could release a game on the 3DS which has sold millions of units vs. the Neo Geo X which will sells thousands of systems in comparison; which would you release your game on? If I'm wrong, then great. I'd love to see a Neo Geo revival, I just don't see it in the cards.
Between the SNK Arcade Classics Collection, Metal Slug Anthology, and the Samurai Shodown Anthology I can have a much larger Neo Geo Collection for much cheaper without even having to own a Neo Geo X. And for just a little more money than what the Neo Geo X costs, I could just get a real Neo Geo AES or Neo Geo CD.