If you think that is crazy look back to the Nokia 1020 that had a 41 MP camera and PureView back when most phones had like 8 MP. It took some awesome photos and several of my friends were very satisfied with the phone.
http://allaboutwindowsphone.com/features/item/23435_Imaging_...
I also recently had a Nokia with a 12MP camera that was essentially garbage.
You can't really compare megapixels to megapixels, as the lens is more important.
You could have a 200MP camera, but if you're using a pinhole lens, you're just going to have 200 megapixels of crap.
5 lenses, 5 chips and 5 angles, seems hard to use in unison, so you end up having 4 cameras you don't use.
Using the five lenses and five sensors in unison is kind of the whole point of this setup. The underlying technology is pretty clever and allows for some cool tricks not possible with a traditional camera. You can read more about the concept here https://light.co/technology
edit: that being said, I have no idea how well this turns out to work in practice