They are currently offering FREE setup and FREE first year's administration for new SMSF. Existing SMSF's can transition to their platform for free as well but do not qualify for the free administration.
They have various restrictions about which products and service providers you need to use but basically allow you to invest in almost anything you would want with the two main exceptions being foreign real-estate and options of non-Australian stocks.
All investments are held DIRECTLY in the name of the SMSF. This is NOT a 'wrap account' service.