The point of the app (and company as a whole, I think) is a first step towards a full implementation of Jef Raskin's Humane Interface. At the moment, it's basically a transient command line for the desktop, as some wags have already mentioned. The goal is to implement a consistent way of doing things across a wide variety of applications and to get apps working together. In this it's much like QuickSilver on the Mac. There are differences in implementation philosophy, which stem from Jef's philosophies, but I believe the two programs are more similar than they are different.
Since this is Slashdot:
I've been a bit busy since I got into the final beta last week, but a preliminary check over the install directory shows that the engine is written in Python and it looks like they're using ctypes or the win32 Python stuff to patch into the system and intercept key events. There's also an embedded Mozilla install. Poking around the help files yields a much larger set of developer commands that aren't enabled in my beta demo ("hard crash enso" is my favorite, but there are items like "add to google calendar", "py {command}", and commands for Backpack todo list manipulation).
Unfortunately, I haven't figured out how to add commands nor how to modify existing ones. If anybody has any ideas, I'd be interested in hearing about them.