Applied a while ago.. and got the email just now! Ordered the white version.. The specs all look good and price is reasonable: $512 + tax.
A short description of Project Tango:
Project Tango combines 3D motion tracking with depth sensing to give your mobile device the ability to know where it is and how it moves through space.
Well, basically everything is old but the depth sensors. Not very sure how do they handle the trajectory noise right now though.
Here is the screenshot: