I like it!
Heck, if this becomes standard, maybe we'll be able to change the NEC, so household receptacles can be 50 ft. ... or even 100 ft. ... apart!
I can see all the worrysome 'what ifs'. As a customer assembled product, I suspect it would be problematic getting it UL listed, no matter how sound the design. After all, UL places a lot of stock in their factory inspection service.
Then again, the homeowner won't have to look far to find an extension cord.