It's hard to say without actually using the UI, but it doesn't seem like it would really be an improvement over a traditional scrolling view.
Still, I'm not complaining. It's a great experiment and making it open-source is really cool.
Love this. Very fun experimental UI. I don't keep enough events on my iPhone calendar to use this. If you're building, build it in Xcode 4 (not 5 if you're have a beta).