I know people who own these love them, but I bought one when they were Guild/Ashbory basses and returned it a day later. I guess I don't get it. I felt that it was made like a toy (tiny, hollow), silly tuners, and I seem to remember thinking that the fretboard looked like a plastic sticker. I'm a big guy, so I really looked like a clown too. It's surprising to me that they didn't try to do something like this with a longer scale. I imagine it would have been hard to find the right balance of string size at that diameter and length.
I do have a Renaissance bass, which I guess is sort of a very distant cousin, as it uses a nylon core string and piezo system. It's a high quality instrument with a great, unique tone (nobody would call it upright like, though). Of course, the Ren basses are from Rick Turner, so they're of a common heritage with your Alembics.
David Fung