The helicopter generates lift by spinning the "wing" very fast to get airflow over it and generate lift. I believe this is the same concept, except tiny fan fins are acting as the "wing", spinning and generating lift and thrust.

I figure this thing can probably do it's own form of "auto-gyroing" down for a dead stick landing, but I believe this is very high drag design, so it probably won't have much of a glide ratio.

It's a cool idea, but for a UAV, you could use a hand-launched glider, which would take-off in a small area, and it would have a very good glide ratio, and very little drag, so it would require much less power to keep it in the air for extended periods of time. If you just want VTOL and hovering ability, you might as well just use a heli. The only advantage I see this fan-wing has over a heli is it's probably more stable and much easier to fly than a heli.