Thanks, came here to ask if this still exists. No children but I'm probably going to buy a set. Mainly because of the floating devices: I used to have close to the entire range of Lego Technics, but there was none of the things which could float.
I read the comments to see if anyone had posted this yet. I Had a few small sets of Capsela when I was a kid and by far the most fun was making watercraft. I will forewarn anyone, especially those with kids, that if you let them play with Capsela in the bath -- with soap and dirt and grime and whatever else -- they will get nasty and perhaps unrecoverably ... maligned.
Technic pieces won't float because they have no internal air pockets, but Lego has produced quite a few boat sets with floating hull pieces. Here's a list: http://brickset.com/sets/list-5930
I would imagine that you could also make a floating contraption with enough bricks stuck together in such a way as to make the internal spaces airtight, but I've never tried it.
http://www.captoy.eu/toys/iq-key-and-capsela-358/