It doesn't seem like it does 'real' flaccid, only as much as the Reelmagic does as in having a flexible rod that can be shaped down into a more or less flaccid position. With the rod thing out it just looks like an empty bit of plastic to me and I can't really see how that would be anything other than vaguely ridiculous. I want a penis, not a little empty bag shaped like a deflated penis.
The main bit that worries me though is what it's made out of, it looks to all be made out of 4mm thick silicone, and although I don't have much experience with the material, I can imagine it getting very sweaty under there, and if it's not completely tight is that going to make it slippery and at risk of sliding down? Adjusting your junk in public is one thing, pulling up something beneath your underwear seems weirder.