It's a thin sticker/microchip SIM card that overlays your normal SIM. Once installed, you can toggle between your normal SIM and Flexiroam's X using the app. (Your phone must be unlocked).
Once activated you can switch to any network operator supported by Flexiroam in the country you are in. They have ~580 globally, and they can change from time to time, but you can check this out further on their webpage or within the App.
The primary target audience is frequent travellers, particularly in Asia, however they have more recently expanded their market to include budget travellers via their cheaper (country specific) local data plans, free WhatApp chat traffic product (X2) and have alluded to possibly offering advertiser funded sponsored data.
Their geographical spread of customers has expanded beyond Asia, with strong recent takeup in Latin America, the Middle East.
I believe the product also may circumvent Internet filtering that some of the more conservative countries have.
I don't believe their target is migrant workers as it will always be cheaper to buy a local SIM if you are staying in a given place for an extended period.
The value proposition is the convenience of not having to buy local SIMs or jump from cafe to cafe looking for WiFi hotspots at a price that is significantly lower than roaming with your home provider.
You should be able to get a cheap SIM to try from one of their many promotion offers either via their App or Facebook page.
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