Daniel Kahneman has asked whether we do things for the experience or for the memory? A thought experiment is whether you would choose the same holiday if you were told you will not remember it when it is done.
How many times do you miss experiencing something because you are busy taking a photo or recording it on your phone? Real life is already in high resolution and live beats any recording. Well perhaps Google Glass will be the answer...
No doubt there are going to be several new etiquette challenges. Each new bit of technology takes some time for us to adjust to. Facebook status overshare being a good example.
All that aside, this looks very very cool.