I think its a great idea, and I think the "sport" is in the aerobatics. Anything that will help keep your model in one piece is a bonus! There are probably allot of pilots who will disagree and say why don't we just put an autopilot on it and not fly at all. I'm willing to bet similar things were once said about the first gyros.
I don't think the autopilot found on full scale aircraft make them any less fun, just more convenient! Some will say that this introduces another componet to prevent people from learning needed flight skills. They will say that sooner or later the component will fail and the person will crash because they don't have the required skills. Certainly the component can fail and crash the helicopter. However, which happens more frequently; Crashes from inexperienced pilot error or electronic component failure? I'm willing to bet new pilots crash much more frequently than electronics crash aircraft!
This could help someone get a feel for the controls of the craft, and learn to fly with less risk of crashes and injury! More people would stay in the hobby if the beginning stages were less costly! Then, if the person wants, they can take the thing off and learn to fly without it. The same way they can take the gyro off and learn to fly manual rudder.
I saw a review of the FMS Co-Pilot in a recent modeling magazine. (R/C Modeler, I think.) The review said that it works EXACTLY as advertised. Though, it may not work exactly as you pictured it. They expect it will shave considerable time off of the learning curve for new pilots!
I believe I read a comment from the manufacturer on this board that the current model doesn't support CCPM models. I believe he said that a mechanical mixer or collective arm are required. He did say, however, that a CCPM version was in the works. Do a search of the forum and you'll probably find it.
Chad