This is one of the major claims of all fisheye/panoramic cameras, and the answer is "maybe", depending on what you're looking to accomplish. For simple activity monitoring, yes, fisheye cameras can cover huge areas, but you will not get identifying details. That requires much higher resolution, and most likely multiple cameras. We've seen even 10MP panoramic cameras lose details starting at only 10-12', making their use for detailed monitoring unlikely.
As Jon alludes, given the camera's low cost (even if it's eventual street price is say ~$400), the main selling factor is that it's an inexpensive camera that gives an overview of a large area.
If you took an Arecont 360 multi-imager unit (even the 8MP with (4) 2MP cameras inside), the details captured would be notably greater over a larger distance but those cameras are 3x the price.
At these price points, the main reason to use a fisheye instead of a 1.3MP dome is the width of the FoV desired. This is similar to the low cost Vivotek wall mounted 180 we recently tested.