For what it's worth, I work with Doppler radar tracking systems for tracking golf ball trajectory and swing dynamics. Doppler radar is an EXTREMELY effective method of tracking exterior ballistics. Ironically, our company has explored uses in this market and I think this could be a GREAT product, provided that the parent company/manufacturer (Infinition I believe) has used high quality components the correct signal to noise ratios and high gain receivers. The accuracy of our Doppler system is approximately .1% which, if their product has similar tolerances, would translate to about +/-3 FPS for a 3,000 FPS projectile at the muzzle.
I have not personally used traditional light-based chronographs, but from other reviews and discussion with industry professionals, they are not always the best for ease of use/consistency under various conditions (cloudy, rainy, early/late sun, etc.). Should the LabRadar be as easy to use as the product that I work with, it should be a winner.
The principle for Doppler radar systems is measuring the shift of high frequency radio as an object moves quickly towards or away from the radio source. It is the same principle that causes a siren from an ambulance coming towards your quickly to sound higher and higher pitched and suddenly get lower pitched as it passes you on the highway. By measuring the change from the initial frequency emitted to the subsequent frequencies returned as they bounce off the projectile, you can very accurately determine the velocity of the moving object.
If they have uber-precise sensors and more powerful transmitters, it is absolutely possible to measure both position and velocity at near and far range. However, the requisite software and processing power for the signal becomes increasingly costly. This is the same type of system that Lapua uses to measure ballistic data for their bullets in Finland but with an industrial grade radar measurement system.
I actually hope that they can pull off reliability of operation and integration with peripherals as this will certainly be a gamed changer for collecting consistent velocity measurements for the average consumer/reloader/precision shooter.