It's an interesting take nonetheless, I've been toying with the concept of data/documents as the integration of event streams (commits, status updates etc) for a few years but never really thought to use the concept "from the ground up". The idea to me never really had any technical justification, mostly end user ones. Collaborative editing (Google Wave), action replays and time machine visualization (Starcraft, Gource), status update and event analytics dashboards (google analytics or the twitter firehose)...
It's a bit outside of the scope of my webapp for the time being but I'm glad there are people who think there is value in that approach!