It's cute. I don't really like the pictures in it - i'd probably honestly just diy my own little chalkboard out of a piece of wood or metal with some chalk paint.
Huh....I guess I didn't $40 was that much money for that. I must be out of the loop as I haven't bought anything for the house besides paint in the last few years.
I would have a hard time finding photos that would fit right in it, I'm guessing it is a 4"x4" square, but I really couldn't tell since it doesn't give measurements. You also probably have to trim the picture which means that the remainder is lost if you ever want to put it somewhere different.
It is a neat concept, maybe not the best execution, but if you like it then go for it.