Oooo yeah. This was an add-on to the Flickr stuff and at first glance it is absolutely magic.
My first thoughts are that I can get my just-3 year old to talk to her picture. I then have a record of how she speaks (it's so cool right now) without needing to get the video camera out (and then have the issues of quick access years down the track).
Then the other kids can have a go and far out - what a place for my aging parents. Let Dad tell his stories to the computer and they are stored forever. And we can share them with family so easily. I thought photo books were turning into a good Christmas present, but this one tops that.
Yes, will be having a much better look at this on in daylight. Take a few minutes yourself, looks like great potential.