This is mind-blowing, I like how he uses transitions to empower content.
The transitions themselves are fantastic and like others in the thread I don't find them fancy at all, in fact I think they add movies like continuity to presentations for cheap, which if used wisely can enable story-telling style of information delivery.
I can see myself using it for info-graphics and tutorials, other than presentations, by making it do non-linear (zooming in/out or using hrefs) flow of content.
Oh now I realize why I liked it so much, it also removes the single most annoying feature of reading content on the web - the constant scrolling and zooming, like readability it alleviates that pain for you, by zooming in to the content that matters the most at this instant.