How does it work? For all hover boards, you need some upward force to push against the gravitational force. For the E-Balance Board, this upward force is from the air. The props push air downward resulting in an upward force on the rotors.
Why is it awesome? Just like a helicopter, you can move both up and down as well as side to side. If you don’t think this flies like a hover board, I don’t think you will find anything better. Also, as you can see in the video above, the E-Balance Board can handle very rough terrain.