Okay, I had a chance to spend some time with the Keycard Shell hardware wallet.
The hardware side feels very solid. It has the right size, the right weight, a user-replaceable BL-4C battery, a decent 2 inch screen, and a built-in camera. The button feel is better than the Coldcard MK5 and Q1. It's different from the MK4 (which is still my personal favorite), but overall quite good. The device gives off a genuine high-quality feel.
One unique feature is the removable EAL6+ secure element, implemented as a separate credit-card-sized module. As far as I know, that's currently a unique approach in the hardware wallet space.
On the downside, there is no microSD card slot and no NFC support.
Hardware rating: 4/5
The software side is much more basic than what Coldcard users are used to. In my opinion, it may be too basic for many hardcore Bitcoiners, especially the proverbial "Uncle Jim" crowd.
Pros:
+ Direct Sparrow Wallet support
+ Fully open-source hardware and software
Cons:
- No dice-roll entropy support
- No ability to add or change the 13th/25th word after setup
- No advanced seed management options
- No BIP85 support
- No spending policies
- No miniscript support (not a surprise really)
- No mention of Silent Payments (not surprising at this stage)
- Heavy focus on Ethereum; to the extent they put ETH before Bitcoin in the UI (B goes before E, bitcoin should be at 1st position anyway. A ethead fanboy worked on it 100%)
- No Bitcoin-only firmware (SAD!)
Software rating: 2/5
The project is 100% open source (software and hardware)

GitHub
GitHub - keycard-tech/status-keycard: Our Javacard Implementation for making secure transactions within Status and Ethereum
Our Javacard Implementation for making secure transactions within Status and Ethereum - keycard-tech/status-keycard
At €129, the price is very reasonable to me.
Overall, this is a solid product with plenty of potential. The hardware is surprisingly polished for a relatively new entrant, but the software still has a long way to go before it can compete with the feature set offered by Coldcard.

Keycard
Keycard: Open Source Air-Gapped Hardware Wallet
Open-source and modular hardware wallets. NFC smart card + air-gapped QR signing device. Works with MetaMask, Rabby, Sparrow. Bitcoin and Ethereum ...