From the sounds of it there is a few important differences between it and a Wacom though.

From the site:

The Pogo Sketch gives you versatile tablet capabilities on the go, but there are some important ways in which it differs from a tablet. First, there is no pressure sensitivity. Cursor movement is determined by pen movement on the trackpad, and inking is performed by pressing down on glass trackpads, or clicking the button with your opposite hand on other multitouch trackpads. This process soon becomes very natural. The second major difference between the Pogo Sketch and pen tablets is the trackpad will remain in “relative mode”. This means that touching the stylus to the trackpad will begin to move the mouse from its current location. The mouse will never jump to the point you touch (like it will on iPhone). The third and last major difference is the price. Pogo Sketch runs you $15, and you can take it with you Everywhere.