It's disappointing that all the comments are so negative. This is a great idea and solves a real problem for a lot of use cases. I remembering years ago Facebook says it had this problem. A lot of the comments were centered around that you could change your codebase to for what git can do. I'm glad there's another option now.
At Splunk we had the same problem, our source code was stored in CVS (perforce), but we wanted to switch to git. And not only because we really wanted to use git, but to simplify our development process, mainly because of the much easier branching model (lightweight branching also is available in perforce, but to get it we still needed to do some upgrades on our servers). We also had a problem that at the beginning we had very large working tree, don't think it was 200-300Gb, I believe it was 10x less, and actually required 4-5 seconds for git status. This was not appropriate for us, so we worked on our source code and release builds to split it in several git repos to make sure that git status will take not more than 0.x seconds.
My point is use right tools for right jobs. 4-5 seconds for git status is still a huge problem, I would prefer to use CVS instead if that will not require me to wait 5 seconds for each git status invocation.