I remember seeing a very similar dual-screen laptop at CES 2010 - but I think that one was by Acer, not Asus.
My impression at the time is that it was inferior to a regular laptop in every conceivable way since adding a second screen generates more heat, essentially halves the battery life, and makes it far harder to do basic things like type and move the mouse around - which is a pretty big deal since the traditional interface is pretty much 100% of the reason that people buy a laptop instead of a tablet in the first place. Plus, especially thanks to LCD price fixing at the time, adding a second screen also would have nearly doubled the cost of the device.
So I expect "project precog" to be the same basic thing: An incredibly heavy tablet with battery life that was far worse than a normal tablet, and it would be far too expensive if it were to ever come to market, which it won't. Except this one has some kind of off-brand digital assistant with always-on cameras recording you and selling all your info to... somewhere, I guess.