Not OP, but I have a pair.
They don't connect to the phone other than to allow you change settings via their app. Can't use them for calls or other audio. I don't have a problem with that, others might.
The basic idea is that each bud hears via a microphone, does its DSP business based on what you've set in the app, and plays the results. The lag is short enough that I haven't noticed it, but there is one. There's no active NC. Instead, imagine you have passive NC, but the earbud is just a open tube. That's essentially what you have until you turn down the volume or apply a filter. At that point, you'll hear whatever makes it past the passive NC plus whatever the buds are hearing as modified by the DSP.
The app has a volume dial, a 5-frequency EQ, and a number of pre-sets with effects (echo, flange) and what they call tune-in and tune-out settings, some of which just play with the EQ, and some of which add varying amounts of white noise. There is not yet a frequency-specific filter, but they've had many requests for one, and I'd be surprised if it doesn't show up sooner rather than later.
I've used them in the office (scary, since I might as well be alone at that point), walking around downtown SF (reducing traffic and construction noise to about what you'd get inside a car), and events in a couple of conference halls/sports arenas (totally excellent, can still hear what's going on, but so much easier on my ears). I haven't used them on the plane because I find earbuds very uncomfortable in flight.
Downsides? They'd be more comfortable for extended wear if they were rubberized instead of hard plastic. You hear a lot of your own sounds (swallowing, etc.). Conversation is easy, but you're still that guy who doesn't take out his earbuds when he's talking to you. The lack of BT audio/phone will be a deal-breaker for some.
Overall? I like them. I suspect the next version will be even better, and I'd like more selectivity in the EQ, but they're already pretty neat. If you're on and off the phone a lot or already have a fairly quiet work-space, they may not be great for you.