Yes that is an oscope - not sure why I need one but since the wife was electronic purchase approval mode I decided that I should pick one up.
The next pictures show (or attempt to show) the issue with the "Low-profile microSD card adapter for Raspberry Pi" that I ordered from adafruit.com - the card holder for the microSD sticks out below the space that an SD would normally go in. Thinking about it it seems obvious but it means that most cases for the Pi wont work. I plan to build one of the cool lego cases anyway so the crisis is minimized, but still.
You can also see that it is not flush it still sticks out from the Pi. I do like that it is smaller and I also like using the microSD cards so all is not lost.