They say it can be adjusted for the phantom and works autonomously:
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Not a lot of details though, like how much it weighs and what triggers it. Im assuming a free fall detection.
I dont know if the above system is any good, but the concept really isnt that crazy at all. Ive seen tests of similar systems and they do work. The chute points downward, so even an accidental deployement is probably not a big deal. And yeah, obviously it will drift in the wind. Duh. Its a rescue system meant to prevent your drone from crashing in to a 100s of pieces. Its not a RTH.
Here is another system that is intended for the phantom:
Hobby series, Skycat XS for Phantom 3 and 1 - 3 kg sUAV
It doesnt work autonomously it appears, they use a modified transmitter that they turned in to a giant red emergency button. Kinda cute