I am very hopeful that these guys succeed, and will be impressed as hell. Elon is not kidding when he says it is 'tricky.' Although I think the speed thing is over blown (17,000 MPH, wow! except you're both going about 17,000 MPH and you're both going the same direction, so relative speed is more interesting) But you do have to navigate there, rendezvous, and dock.
If successful they will have duplicated everything in Gemini and next up will be the Mercury program (first manned missions) :-)
[1] http://news.discovery.com/space/spacexs-dragon-capsule-retur...
If you try to accelerate, you'll actually end up in a higher orbit. It would be like putting down the gas to overtake someone on the highway and end up flying above them and even if you let off the gas, you will slowly drift further away as you're now dealing with a small amount less gravity.
It's tricky, because the common person doesn't have any clue how to relate to three dimensional movement in an orbit.
One of the first programs I ever wrote was a BASIC game called 'orbit' which simulated docking with other space ships and satellites in orbit. No graphics other than things like closing speed and distance from target, sort of like the old Lunar program at the time.
One of the things that always got people thinking it was 'broken' was that you had to slow down to catch up, basically by slowing you moved to a lower orbit and moved faster relative to an object in a higher orbit, and then you went to a higher orbit to slow down (accelerating).
In any case, it's very 60's sci-fi style. Quite cool.
Dragon is supposed to bring back 600kg in its first test flight to the ISS, but it can bring back up to 3.000kg. That’s still not much compared to what the Space Shuttle could do (14.000kg), but it’s a lot more than what is currently possible.
So even if it takes another three years until the first manned flight, Dragon can be very useful as a cargo ship for the ISS (despite the fact that the ISS already has three cargo ships: the Russian Progress, the Japanese HTV and the European ATV – those three ships can deliver tons of cargo but they all can return nothing).