Here you can see the water-relaunch capabilities.http://www.youtube.com/watch?v=OKqZU4WwTS0
Not really convinced. I suspect that the trick at about 2:20 only works because the kite has hit the bottom of the puddle. It isn't rising straight out of the water - it's coming up like a lever, rather than like a piston.
Still, a very cool toy. Want.