I'm not excited about the phone bloks project. Phones advance in waves, so the idea of doing it piecemeal makes no sense to me.
I also wonder about all the interconnects. High bandwidth needs (i.e. to a video display) means high density interconnects, so I'd guess a lot of space will be wasted just gluing subsystems together. Plus it could raise issues about the water-tightness and durability of the phone.
But it might be a great phone for the developing world.
Humidity is a great concern but seeing how I barely run apps and need minimal storage I'd have an hd display with a bad ass camera, sweet audio and lightning processor with an extra battery. Ohhh yes...
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