Forget a raw file format (that you will be able to use in LR/PS) and the flexibility and editing headroom it gives you. Perhaps there will be some specialist proprietary software like for the Lytro (that will be unsupported in 10 years, leaving you with unusable files). Considering this I really hope, as The Verge article says, "the output isn't as punchy" (which normally means contrasty and saturated).
The lack of a raw file format will also mean that I can forget DCP camera profiles to normalize the output with my other cameras.
What we know nothing about: what will AF be like? What will the dynamic range be like (considering they're stitching, not stacking, smartphone sensors)? Noise will probably be OK as you can downsample. But Sony is and Canon has 42/49 MP FF cameras out that doesn't need downsampling to look good. A year from now (when Light comes out) more cameras will have followed.
Focal length range is a bit strange. 35mm equiv is a bit on the long side to be an all-round solution. 24-70 would have been OK for me, but I realize that's personal.
Perhaps we shouldn't expect the death of the MILC/DSLR because of this camera just yet. Many hobbyist though, has left both the compact and the MILC/DSLR for a more enjoyable smartphone experience. Perhaps it could lure them back to buying a camera (without a phone in it)