Very interesting. That I think could very well be the end all of cheap portable microscope for the field for quick diagnostics.
As for something that could be a bit more precise and only a little more expensive, I would have to go with a device based off of this:
http://www.ted.com/talks/josh_silver_demos_adjustable_liquid_filled_eyeglassesInstead of having a fixed solid lense, you adjust a liquid filled 'bag' to change the focus.