I'll see your WAG and raise you a similar WAG.  Since neither the 700 or 520 have WIFI, they can't use a "traditional" ADS-B IN device such as Stratux.  So maybe iFly commissioned Ping to produce this variant that is WIFI-less and communicates only via the USB cable.
I agree, the wording is a little confusing.
EDIT:
To answer your specific question:  YES, it will display traffic on the iFly sectional (or enroute chart, or vector map - whatever you have on the screen).