There are elements to it that I like (just listened to the samples), but I wish those elements were played up more, as on the whole it doesn't do much for me. I definitely wouldn't pay for it.
And I continue to disagree with your final assertion. I like albums, not digital distribution. I want liner notes, I want art, I want photos, I want whatever... not a bunch of files to download. I prefer something tangible. This isn't something my generation generally understands, however, because largely what we get with albums today is a bunch of horseshit, but I listen to a lot of music from past generations, and nothing compares to what you used to get with great jazz albums and such.
Still, I agree that it's cool that people are releasing music this way. I doubt it's a good way to make a profit, but then, music never has been. I think it's also cool that people believe enough in their projects to take the risk. If I ever get off my ass and finish some final recordings for an album, I'll probably try to release it in similar fashion.