It uses solid state storage and the RAM, graphics system, etc. is bundled into the single System-on-a-chip. Plug in the power then hook it up to keyboard/mouse/monitor and you are up and running.
OK, fair enough. I don't think the lack of a case is a huge deal (zip tie it inside a tiny cardboard box, whatever) but the requirement for a special power supply is significant. In comparison, a raspberry pi can be booted up and used with parts that a typical geek has lying around (micro-usb charger, usb periphs, monitor).
Edit: it looks like it comes with a power adapter, so it's effectively a fully functional computer out of the box (just as much as any system without kb/monitor).