Looks like a definite improvement on the orginal, but...
Still no hold switch. That pretty much renders it useless for stealthing IMO. Looks like it has the same LEDs as the original iKey, which are BRIGHT, although that's easier to fix.
Yes, you can plug in a USB hard drive....but...drives that draw too much power won't work. A flash thumb drive works fine, an iPod works but it runs down the iPod's internal battery to help run the drive, and the one larger external USB drive I tried (one that will run off USB bus power alone using my laptop) would not spin up.
With regards to hacking a flash drive into it...probably possible but even harder than you probably think. At least on the original iKey, the entire PCB inside is covered with black goop. This would pretty much preclude any changes to the preamp, A/D, or input circuits (ie no way to add a coax digital input) but you probably could find a way to highjack the USB connection.
"Phantom" power has got to be a misprint/misunderstanding, I'm sure it's just plug-in power.