As Glock-a-Roo pointed out earlier, for most people, I think this product is a solution in search of a problem, or at least overkill. It seems to be marketed as an aid in sudden emergencies or injuries, but unless you have a complicated medical history or certain conditions, like allergies, I think even a simple card in your wallet would suffice for EMS/ER purposes and contacting loved ones.
That said, this product did remind me of the thousands of people displaced by Katrina who needed ongoing, long-term care and who were without any medical records. Many doctors' offices and pharmacies were flooded and damaged, medical records destroyed, no staff to contact for help/information, and residents scattered to the four corners of the country, far from home. Thousands and thousands are still displaced.
For these people, a product like this could be useful, since many people don't remember the details of their medical history very well, especially if it's complicated and involves many different kinds of meds. Why waste time, money, and suffer inconvenience and discomfort by starting from square one when your new doctor could simply see your medical history using this product? That said, it would be difficult to get a good, detailed medical history onto this thing. It's not like patients are in the habit of looking over their doctor's shoulder to take notes and later enter the info into their USB thumbdrive. And what's a grandma-friendly method to get a digital copy of an EKG or chest x-ray onto your thumb-drive?