To me it seems like a slower human version of Google Goggles, I even tried it with their example in the video[0] and Goggles was able to tell me the result faster than a human, I understand that this will not work in all cases, but it's likely (in my life at least) that Goggles will know more about objects in the world than the collective knowledge of my friends (we don't leave Wales much).

[0] http://i.imgur.com/ch3uRMm.png

Also, without sounding like a Cretin, I don't really want Jelly to succeed because I dislike Bono so much. (Bono was a seed investor, or series A investor to Jelly)