This feels very like what iPython notebooks provides, but applied to shell commands rather than code.
It's a cute video, but I can't quite help feeling this is going to be far less useful in practice than it's made out to be.
I tend to agree. The biggest leap for me was switching to oh-my-zsh (near life changing). :-)
I love oh-my-zsh as well, but I ended up switching to prezto (https://github.com/sorin-ionescu/prezto), which is extremely similar but has less code and is considerably faster. Shell sessions were taking more than a few seconds to start up, and I'm using the latest MacBook Air.