Off the top of my head, it definitely replaces the alternator, but I do not believe it replaces the starter (it takes over for it most times, but it's still there). It definitely doesn't replace the standard 12v batt, it actually helps charge it as part of it's normal operation.
As with anything made by us goofy humans, it's had some issues but is actually really solid overall. Usually the 3-4 year mark is where most issues have come up and in turn been dealt with, which is where we're at with eTorque.