Most of the cool stuff is imposing weight/reduced usable delta V/ rocket cycle costs on the first stage and its not just a couple of things its a whole heap of things stacked:
- Landing gear which will be fully exposed to the max aerodynamic heating and to a lot of retro-firing of the engines. (they also do clearly deploy contra his script)
- Rugged engines not running on the bleeding edge = reduced thrust to weight compared to a bleeding edge engine.
- Using the engines as primary heat-shield, not sure about the actual aero-heating vs running engine temperature differences, might be a brilliant idea but might mean they need to be built more ruggedly again & surely means more wear/maintenance/less reuses. And what are they doing in between the engines?
- Compound curved structure, might be a weight positive depending on a bunch of stuff & will be easier to build with composites vs metal but still more expensive/effort vs cylindrical
- I don't necessarily buy that there is enough taper to actually keep it out of the thermal load, especially with those little canards near the nose being expected to be doing steering. Maybe its just enough to keep temp within capability of the materials?
- While the 2nd stage can be lighter when hung from the 1st, the 1st has to be that much bigger & stronger -> heavier and without pressurised tanks integrated into that part of the structure to help out with the rigidity.
- Extra weight from carrying the fairings with hinges, actuators, locking mechanisms & whatever mechanism for deploying the 2nd stage from deep inside the 1st.
- Extra weight & drag from the canards & actuators, also have to be a reversible section (I think supersonic aero does help that not be so big an issue vs sub-sonic)
- Normally fairing separation is done some time after 1st staging -> they either deploy lower with additional drag & structural costs on the fairings or the 1st stage will have to accelerate it all quite a bit higher/faster than a typical 2-stage.
- Return to launch pad means it not only has to carry all that extra stuff up to that higher/faster staging but it has to still have enough fuel to stop and fully reverse the horizontal velocity of that heavier stage, then do deceleration & landing burns as well.
Its pretty much SSTO.
A fantastic achievement if they can pull it all off & I hope they do but there is a bunch of good reasons why nobody achieved that previously.