Found a supplier for the lighter Velbon tripod, which is 275g and costs roughly the same as the zipshot.
Based on the photos, the lighter velbon appears to be of a sturder construction due to its traditional design with centre leg clamps, but the quick setup nature of the zipshot is surely appealing! hope it performs as stated, otherwise its going to end up in my "tripod box" along with a few others already lying there.
http://www.camera-warehouse.com.au/p/velbon-v-podLightweight & compact - fits into camera bag
Ball & socket head with pan-handle locking
4 section legs with quick set up system
Leg bracing & sliding centre column
Accessory clamp holds mobile phone, iPod etc
Max height: 101cm, weight 0.275kg, closed: 29cm
Complete with pouch case
Supplied in hanging blister package