Although it is doomed to be hacked within 24 hours of release, it is still useful in the sense that its failure emphasizes the positive aspects of open source (non-black box) approaches. If an article accurately points out pros and cons of Bitcoin vs. MintChip, then I think it's relevant; otherwise, it's FUD.
Good point, I'm optimistic that the whole exercise will be very positive for bitcoin seeing as mintchip has referenced bitcoin repeatedly in their press releases (suggesting that bitcoin is the benchmark digital currency/payment system).