This is supposed to be a crossover vehicle that Elon Musk claims will be "faster then a Porsche 911 and roomier than an Audi Q7". Also he claims the most interesting view of it is with its doors open (a reference to something rumored to be called Falcon doors, some sort of folding doors).

The next model after this is the one he wants to make for like $15000-$20000

They seem to think Model X will be very well received.