This seems to be a misguided idea for stupid people. I do support SOME of it's features, such as the ability to categorize files however you want and see those changes on the file, but it doesn't compare to beign able to get a hard list view.
One of the reasons why computers are so much better for file organization is that it's easier to make alphabetized, nice looking lists of files.
In all my projects, Programming and otherwise, I think I would find a metaphor like this intrusive and slow to work with. I already have planned t he file layout of the project when I start. I know what it can do and I know what features to use when I know what I need it to do.
Maybe some of the stuff it has will be pretty semi-cool. I used to wish that windows had an ability to highlight different files in different colors like MacOS. But unless they implement support for the old convention of naming files, I doubt it will catch on.
Icons are used because they're quickly and easily recognizable. Sometimes the very length of the name, the way the text sticks out on the side does as much to identify the file as anything else. If you get rid of the text beneath the icon, you get rid of a method I can use to identify the file quickly.
The best way to identify files is pictures backed up with text: the picture is much better than the old three letter file extensions for quickly knowing what kind of file somethign is (though the three letter extension provides a quick way to be sure of a file's type when it's ambiguous). In other words, I think our current system only calls for minor tweaks, if any at all.