Interesting but...
What is so inefficient about this is that we acquire all these numbers - for example 10 million megapixels - only to throw away 80-90 percent
It seems he hasn't heard of RAW processing. Yes I know my D70 compresses the RAW anyway, but I don't think it is in the range of 80% redundancy.
Further he is describing a serial data transfer. Cameras use parallel for more efficient transfer. He would be throwing that away.
Serial RS232 printers were replaced by Parallel Centronics interfaces because they were faster. Yes I know that is now replaced by Serial USB, but I see that changing to Parallel in the future. For now, cost and convenience have outweighed performance.
Serial Networks are just beginning to be replaced by Parallel (802.11n is effectively a parallel version of 802.11)
As Gary says, Speed will prevent its use for moving objects, but it may have applications for static images.
Also he is replacing the complexity of the Sensor array (and no mirror) with the complexity of his mirror array (and one sensor). Are we any better off?
I can see its use in satellite cameras, and other specialised uses, but not replacing the digital camera we know.
Greg