It quite reminds me of TypePad's design editor, but with more features. Looks like this theme is a great way to quickly set up an unique design without needing to bother too much with template code, HTML or CSS. Sounds great for novice users. On the other hand, I think installing all the prerequisites might take some time, especially for novice users. But once you have it up and running on your installation, looks like you can just bang out one completely different blog after another without breaking a sweat. Cool!
The theme is compatible with Melody and Movable Type 4.x (if you install a number of plugins). It can be downloaded here.