RF means radio frequency, so it's radio (this one seems to operate in the 2.4-GHz band, at least is what it's site says).
It's not a new idea in the arduino world.
There are already a few good solutions out there if you do like RF (see
JeeLabs,
JeeNode USB) but RF is kinda cranky, imo, sometimes you will lost connection depending on outside noise/interference and it will make you crazy ...