I think that if they can achieve an extra 30kt at say FL100-180 (the choice operating level for higher end unpressurised GA) over a Cessna 400 at the same fuel flow, and deliver a FL250 ceiling, they will have a super product.
If OTOH their performance claims are like everybody else's (go mostly out of the window by the time the thing is finished; how many recall the 207kt claim for the DA42?) and in the end achieve just an extra 10-15kt, they will fail.
An interesting angle here is that the Cobalt is retractable. It is the only modern composite design that is retractable. Of course the Cessna and Cirrus salesmen say their fixed gear costs them just 2-3kt (which is obviously bollox) but this design might derive quite a big advantage due to this, not due to the canard.