The ridiculous aspect of this page is the quote "We've invented a development process tbat's completely unique in the industry.", after which they describe a process that looks entirely like waterfall. It's an entertaining fallacy.
The company I work for has had a very similar process for years. In fact, it's stated much better within the first line of text on the homepage.
I think a workflow approach is a better way to go for the client, but even our approach was inspired by other companies who have embraced a transparent workflow methodology such as this.
It's painful to see a company claim it as a first.
