This looks like a heavy duty version of the polecam (www.polecam.com) which we've been using during Basket EM this year. The polecam though used smaller cameras, with no tape decks on them. This seems quite interesting if it's not too hard to keep it balanced.
I guess it must be possible to hook it up on a tripod. The polecam, which is pretty much similiar to this solution can be mounted either at the tripod or on your body, so why not?
Works for me. I can see it now....a total replacement for a crane/jib, dolly and stabilizer. Use it on set instead of a wind fan. Could come in handy for last minute haircuts, too ???
Legal issues - probably wouldn't be a bad idea to have the remote guy take a sobriety test before the shoot starts. Waivers for cast and crew - definitely!