The watercolor comes in film strips! You can cut off pieces and mix with water, or just wet your brush and take the the color right off the film.
So far I haven't been able to find anything about light-fastness or archival qualities, and since these also come in a liquid form, I suspect they aren't very. But they are so very, very cool anyway and I can't wait to try them out. But I had to share!
I'll let you know how my experiments turn out. Meanwhile, if you are interested here are some videos that give you more information.
Peerless Watercolor Palette - this palette will actually fit right inside your watercolor journal!
Peerless Watercolor Altered Art
Techniques with Peerless Watercolor
Peerless Watercolors & rubber Stamping