Does this mean we will be able to import our existing libraries in a painless (or at least not too painful) way?

I haven't tried Loom, but from the description it sure sounds like exactly what I've (we've?) been waiting for...

I don't want this to look like a feature request (wink wink) but if you coud have a way to sync some collections with other services (flickr in my case, for example) then you've hit the jackpot...