There are a bunch of obvious technical mistakes in that, not least of which is that you're not effectively buying a WeMo and getting the bulb for free; only the more expensive master bulb will have WiFi support and the rest will talk to it over much cheaper 802.15.4 mesh networking.
It seems fairly clear to me that they are just trying to prevent these kind of shenanigans: http://blogs.reuters.com/felix-salmon/files/2012/09/bulbs.jp...
http://blogs.reuters.com/felix-salmon/2012/09/18/kickstarter...