well i think it's a great idea to be able to put tons of pictures in a virtual 3d environment you can navigate, and it looks cool. Doubly nice if you can use some gps-like system to automatically tag and place them where they belong.
Having said that,
I don't find the idea all that innovative.
But even more:
That video gives me a very stong of people who are living in a fantasy world of hype, how they are changing the world and creating new realities, etc. Come on guys, this is one of those things where a 13 year old kid with a year off from school could do as good a job, and these guys probably have 100 million and team of 20 people in an office with jelly bean machines on each floor of their hip office building.