I could see such a thing being both nearly feasible and almost useful. If I remember my physics right, the temperatures involved are comparable with those of a household freezer, so the vacuum would be the tricky part.
In addition to the fun for geeks experimenting, I could see this being sold to people as a way to make their own backpacking food (just freeze dry your own creations), make their own instant coffee or tea, or even as an emergency flood recovery for books.
If such a thing were available and well within the toy budget, I might get one to play with.
Of course I don't think I'd make what I was dreaming about: freeze dried red wine. (I'm pretty sure that the triple point of alcohol is different than water, and might well be hit first depending on exactly which variable was moved first. So I'm not sure you could actually freeze dry wine and get something that would come back, even if you added both enough water and Everclear. And, since I don't drink wine, it wouldn't do me much good.)