It seems like it can switch between multiple cameras, but it doesn't handle multiple cameras at the same time. Still, cycling between cameras every 10 seconds might be acceptable for some people. Or there's the option of configuring the system so that it'll follow motion through the area by overlapping the cameras' fields of view.
demo clip seems to suggest you can switch between streams with ~3ms delay (two cameras filming same laptop screen with a clock running), but its not spelled out anywhere clearly so might be a marketing trick of showing you what you want while selling something else
Looks like 30-50ms, after pausing on a bunch of the frames (the last number is in hundredths of a second). That makes it look like it may just be 1 frame behind (video at 720p, recording at 30fps, 33ms per frame).
Later in the demo video, some of the frames are purple as it switches; it looks like invalid data for the end of the frame, and the Pi sync'ing to the output of the next camera when it starts transmitting its next frame.
I wonder if the commands for the module are covered in the MIPI docs, or if they just pass through anything the Pi sends. It seems like a cool device, and probably more practical for most people than the dual-CSI interfaces on the Pi Computer Module.
CSI is uni directional, camera is controller over separate interface (I2C)
dual csi on compute module is cool because you get four mipi lanes, and one of (former) broadcom engineers, 6by9, was kind and awesome enough to write _generic fully open source_ CSI driver, meaning you can use FPGA(for example MachXO2, lattice offers free MIPI cores) to pump up to 400 MB/s into Pee Linux userland
http://www.ivmech.com/magaza/en/development-modules-c-4/ivpo...
Claims to be able to do it "properly" - via the camera interface.