Sure! Specs is what it is all about 
USB2.0 provides 5V at 500ma. This gives 5*0.5 = 2.5 Watt to play around with.
The circuitry to control all this (basically an uno) consumes about 20-50ma during operation. Which leaves 450ma. Choice to go for arduino compatability means you can program it yourself, plays nice with usb and there are already multiple android apps that allow phones with usb-otg to program them.
The LED is a 4 chip one (so actually 4 LEDs in one package) that is rated for 350ma per cell. This means that you could turn one on full brightness and there is still some power to spare. However, when going for white it is best to turn them all on as the efficiency of the LED goes down when the power per cell goes up.
Dimming is totally possible, all cells have full PWM. Feel free to google that yourself if you are unfamiliar with PWM.
The cells in the LED produce 430 lumen at rated power. This is about the same as what a 40W oldskool incandescent bulb provides. But if you power all cells I would say you could get some ~600+ lumens out of it. This is a lot of lumens. People will complain about the extremely bright light standing 4-7 meters away.