"If you lose your Everykey, you can remotely freeze it, so no one else can use it."
Mentioned (quoted) in the article, and stated by McAfee in the video at about 1:08: "If I lose it, I can remotely freeze it. Then use my old passwords until I find it again."
This means a couple of things.
Firstly, it means that when the video has Luddite John referring to his "secure document" on which he stores all his passwords, and Everykey John says "This replaces all of those," it's lying. You still need to keep those passwords somewhere safe in case you lose this device and you need to use them. So that "secure document" (humorously represented by a scrolled up piece of paper secured with a padlock and key) isn't actually replaced, as such. It's just locked away somewhere.
Secondly, the video also refers to it replacing keys - and Everykey John suggests it can be carried in a holder attached to a keyring. So you're carrying it with the keys you need to replace. That amused me.
Now, someone pro-this rubbish might argue that you now need to carry fewer keys - which is itself hinted at in the video: Luddite John has a much bigger bunch. However, once again, there is the issue of what happens when the device is lost. As with the passwords, you'll need to use your keys - so, you definitely need to be carrying the important ones with you, such as the one to get in your house.
And if you're carrying the Everykey on your keyring along with the other keys when you lose it, you're just as frelled when you lose that as when you lose your keys anyway - because you've just lost both.
So as a key replacement, it seems even more pointless - more a matter of laziness (it's now quicker and easier to unlock the door) than of practicality.
Also (from the Indiegogo page) to freeze the device, you do so through Everykey (by calling or via the website) - so you need that password at the very least - and "a message is immediately sent to all of your devices letting them know that they should not unlock without manual password entry." No mention there of physical locks - so either physical locks are now vulnerable (because you don't know if Everykey is simply misplaced or stolen), or for the same lock down to happen, your locks need to be iOUT* locks.
I'll stick with passwords and keys, thanks all the same.
* Internet of Unwanted Things