Same Novatek chipset as used in the original X2 Premium, GEOSATpro HDVR1200 and the now discontinued DMSI SR1. The chipset is capable of playing rtmp type IPTV streams.
The Novatek 78326 chipset has deinterlace problems and does not display SD video very well. The chipset can blindscan quickly and has good display of HD programming, but has stutter problems on high bitrate feeds native in the SDK that must be coded out.
The GUI images that have been posted on other forums appear to use the same graphics that were designed for the HDVR1200. Unfortunately, this looks like a repackage of the same hardware found in existing receivers and nothing new for the hobbyists.
I am sure that someone will ask about 422... No. The chipset is not capable.