No, it will not work, as I understand it, the whistle receives and transmits videos from Tube, Netflix, Google Play movies, Google Play Music music and also web pages and Google Chrome browser on a computer to TV. I correctly understand the functionality of this thing?
That's right, just forgot to mention sharing with the browser from any computer where there is a google chrome. Very convenient to view pictures. This thing also has an API, so developers can build support into their programs (for example, it would be convenient in XBMC). And the device takes only the stream link from the device, then it works on its own, on the device the application can be closed. Theoretically, you can raise the streaming server to the Internet and give the stream to the chromecast.
I bought myself in the states for $ 35, so the toad is not choking. The device is actually airplay for all devices, on any platform (I'm not sure about Linux).
I do not have a projector, but I suspect that it is possible to insert a chromecast into it and show presentations from Google Doc or from any program supporting this device (they are not there yet, but I think they will). It is inconvenient that there is no own console and built-in applications, so that you can control it directly, bypassing third-party devices.
In general, the chromecast has the right to life, the question is what requirements you make to it and what tasks you take. Home theater on XBMC is definitely not a substitute, but as an additional device it is more useful than apple TV (I turn it on very rarely because it is almost useless).