Details are scarce on the phone at this time, but GizChina says that the projector will be capable of projecting in 1280 x 720 resolution on any flat surface with a brightness of 50 Lumens.
The phone will likely run Android, which means you should be able to use this device to project a streaming video, or perhaps use the Kindle app to bring a story to the big screen. However, we will have to wait and see whether the projector is good for these functions when it is officially announced and users can test it for themselves.
Oukitel isn't the first smartphone maker to add a mobile projector to a smartphone (Samsung beat them to it by over a year). Curiously enough, the several models I found were all launched in China and not the west. Is that a sign of market interest, a search fail, or what?