The pictured device only looks dated because of the larger bezels compared to most modern smartphones that have slimmer bezels. Otherwise, the use of a foldable display would be cutting edge.
Indeed, the iconic number pad from the original Razr V3 and the original display itself would be replaced with a single smartphone touch display, which is said to fold over at the center. It won't crease at the hinge, according to The Wall Street Journal, so the display might simply bend rather than actually fold like a piece of paper.