The idea of being able to edit video locally using a low quality version of the file, seems like a good one. All the rendering is done on high end servers working at full capacity with no wasted machines. Users can edit from their desktop without having to use a high end machine too. Until you talk to anyone who works in video - how can they be sure the video is lit, focused and presented correctly without viewing the source file. And the process of uploading files, waiting for edit versions and downloading the final files, even over a decent connection added huge overhead.
Felt like there wasn't enough discussion with the actual teams that would use this.
But as I say, I was not involved nor did it affect me and my team directly so I could be way off in my very small view of the project.