Sharpie Liquid Pencil

I just finished up sending my Livescribe Echo 8 GB smartpen back to Amazon for a replacement (it seems to be defective) when a loyal reader pointed out the newly-announced Sharpie Liquid Pencil which could be one of the coolest writing implements in the history of mankind.  Essentially it uses liquid graphite to provide a writing experience similar to that of a pen but you can erase in the same manner you would with a pencil and it becomes permanent in three days.  Check it out:

Is it a pen? A pencil? What do you call this thing exactly?