These people (person?) don't seem to have a website, and with a name like that is it any surprise? Having said that, notions of real, practical, disc-shaped aircraft and spacecraft have been around for many years, so the shape isn't so desperately revolutionary. However, there is very little detail on the X-Prize site, and there is not even a team briefing. The propulsion for the craft, fancifully named "The Space Tourist" is described as "blast-wave pulsejets". This is interesting, and not fiction. A quick look around the internet with Google revealed strange-looking U-tube shaped pieces of apparatus with no moving parts, that can be started, statically, (unlike ramjets, and unlike the German-designed WW-II pulse jets used in the V-1 flying bomb/cruise missile.) There are people experimenting with these things, but nobody seems to have made a functioning aircraft with one. Reading about them, I get the feeling that the efficiencies are fairly low, that is, to get useful thrust, of several tonnes, say, you would need an impractically big engine. The maximum height in the atmosphere at which  a blast-wave pulsejet could function needs to be identified. So, it looks like the principle of operation might be okay, but an awful lot of work is needed, of which none seems to have been done by Discraft Corporation.

Work on blast-wave pulsejets is being carried out by others. The amazing device creates thrust, in a pulsed fashion, and all that has to be done is to feed fuel into a specially shaped U-bend pipe with a thickening in one arm. The arms are of unequal length. There are no moving parts. Against this big advantage, there is the disadvantage of low thrust. Development of more conventional pulse jets, containing valves, is continuing, and there is also the X-Jet, which holds out the promise of more thrust in a more compact shape. The concept of a disc-shaped craft is also not new. Such an aircraft was constructed by AV Roe of Canada in the early 1950s, but it never flew more than a few feet above the ground, as an aerodynamic instability was found, and the project was discontinued.

I think the Discraft people are just going to melt away into the darkness, don't you?.