I've been following this for a while.
@urbanracer, the principle is the same as the Omnipod, but instead of dedicated hardware, you use a phone.
The pump has all the required basal settings to revert to in the case of the loss of the brain (like the openAPS project) and the data on the phone is backed up to the cloud.
In theory, you lose your phone, it reverts to stored basal settings while you replace your phone and download the app with full data restoration from the cloud.
While you don't have a phone, you revert to bolusing with a pen.
In many ways it's better than a number of pumps on the market at the moment in terms of data recovery.