So many negative comments for a Saturday. This is a marvel of engineering and deserves a celebration. Humbled by our ability to re-invent more and more. Well done to all involved.
Systems like this have been invented repeatedly throughout the decades, but they never succeeded for one reason or another. The problem isn't in coming up with the concept (or, now, making animated 3D renderings), it's in making it actually work well.
This, incidentally, is why so many of us are so ecstatic about SpaceX -- because they've made something amazing that actually works.
Some of the comments here about increasing throughput provide clearer motivation - they do show this super briefly in the video with elevators operating in a cycle, but the benefits didn't really click.
Interesting technological discussion means criticizing.
And it has it's first production project in the OVG East Side Tower Berlin (though not yet finished building)