Sounds like a fun way to remember the details of each day. Could also be a way to get decent snapshots without fumbling for your phone, since the frequency is so high.
I think the Narrative camera looks nicer and is smaller than Sensecam. http://getnarrative.com
It's got a couple of 'outside research' uses, the one I think is least trivial is as a tool for Alzheimer's suffers to review their short-term memory. It makes a real difference to their quality of life, improves their recall and gives them more confidence around their memory.