Definitely a v1 product but it's an interesting device. Apple is rarely first to market, but they definitely produce the device that indicates the point where there is a market. You can also see where they are going. In a couple of years, assuming it sells well there will be a Pro model with a 3x fold and better camera system. I'm guessing to make in thinner they will have to drop USB-C and come up with a flat chargi…
There's been a proven market for years already, but it's been less obvious in Western markets. In East Asian markets, foldables have had a very sizable market presence, especially in China.
There's other trends that are less obvious to US and western markets, such as phone crossbody straps (which are also very big in East Asia).