I think it looks amazing, exactly what I would want from a netbook OS....
haven't watched this exact video (too lazy) but ... 7 second load up, constant uploading to the 'cloud', all in the browser I use as it is, easy opening of different file types, all apps web based, ability to plug in cameras / etc. and use easily, and everything so smooth and nice.
What more would you want when you're on the move.
Never meant to replace a proper computer OS...