I don't play fretless, but I can certainly see how this could be an amazing bass, both from a playability and sound standpoint. Alembic isn't the only company to make good sounding electronics, and not everyone wants the Alembic sound. The construction is still there, and almost nobody else offers the tweakability of an Alembic. I really enjoy my Modulus with Bartolini pups and electronics, and can easily imagine how this bass would sound. We tend to think of Alembics as sacred, and generally, the mods I have seen done on Alembics in the past have detracted from rather than improved the instruments. That said, I have to admit that this particular bass appears to be a well-done alteration with a specific sonic goal. (It's not like someone replaced SII electronics with Barts.) It may be a Frankenbass, but my guess is that it's one hell of a monster.
Charles