Holy shit, that was incredible. Though I'm a little skeptic..
When I first started watching the video, I was also thinking "are you fucking kidding me, everyones going to be a professional photographer with this shit now". But you can't take this tool and make a poorly composed, exposed, all around shitty photo into a good one. A good photo is a good photo, regardless of the manipulation you can do to the image.
Anyways, we've only seen this effect on a shitty quality youtube video. What's going to happen when you print an image 16x20 with that kind of retouching done to it?
I don't know, we'll see come April whether or not how awesome this really is.