1) The idea of creating groups on the fly to take photographs from a shared location is what got the funding.
But using a tighter geofencing (remember how in Gowalla one had to stand at a point to check in) the same can be brought in Instagram which already has a million or so members.
2)The photo is public for anyone in the vicinity of 100 feet or perhaps everybody (sorry for missing that) but one does realise that it limits my ability to share things with the world. I mean only in case when something is cool would I want to share it with the world and other times stop short of making myself look not so cool.
3) Local+Social+Mobile is great on paper but these are not the dimensions that make a great app. It is the underlying mechanics. For a $41 million investment and a overpriced domain name, they sure did not blow my mind off.
4) As far as the white noise of social apps is concerned it was the same problem with all apps, facebook included if you were in the party early! Can't hang them for that.
5)For the latent interest in finding photos around an area or location, there always are foursquare/gowalla (sitting on huge data) and instagram with the tags lately (remember #sxsw ?). You really think one would use them?
5) I remember Chris Dizon lately writing about investing in people over ideas and it looks like with 7 rockstar cofounders, thatis what happened here. But hey, who said anything about turning a blind eye to the idea?
6) Last, people around me wanting to see photos around them :) can just turn around or shoot foursquare to find a lot more info over a longer period of time than using the app, right?
Of course I am saying this all since I am a hater for seeing them receive such a huge funding for no apparent (to me) reason!