Original discussion 18 months ago: https://news.ycombinator.com/item?id=4840032 .. it'd be interesting to hear how it's changed since then as I believe it's under active development :-)
Right now I'm working on making the app more modular by extracting these features into separate, oprtional packages. It will make the app even more customizable, and easier to maintain as well.
You can read more about the roadmap here: http://telesc.pe/blog/meteor-0-8-update-next-steps/
And if you want to see a working example of Telescope I suggest checking out http://crater.io, a community about Meteor itself.