The foil that's providing the lift is pretty big in terms of surface area, and so is the drag. On a normal board at speed on flat water, probably only about a foot of the board is in the water, and the fin is tiny by comparison. So the idea seems to be reduce drag by getting the hull out of the water, but the size of the foil required to do this seems to have more drag than the hull did.
Someone should make a windsurfboard version of this!