It is doomed, who would trust a contract now with real "money"? Unless you have a mathematically rigorous proof that the contract is trustworthy I sure wouldn't.
It could have been if they followed bitcoins path and started with 10000btc pizza orders :) Greed take over too soon to realize the flaws.
Note: I loved Charles Stross's suggestion of code-as-contract in Acccelerando, so I dig the concept.