Yes, it's a cutter and engraver. Not gonna get hung up on their naming semantics. In the YouTube intro posted by Tested, they're looking at the possibility of etching with variable depth:



The specs indicate the focus system will follow a curvature deviation of approx half an inch.

The camera preview/positioning and direct-trace features were enough to pique my interest. The link that knocks off an additional $100 didn't hurt either: http://glowforge.com/referred/?kid=tCTeUI