"I wish I had thought to take a picture/video of that event."
"I wish I could remember that person's name that I met last week."
This is another incremental step toward a searchable, verifiable, rewindable stream of your life, and the benefits are enormous. A lot of people I know, including myself, use search all day every day. I probably use Google a hundred times a day or more, for the most trivial questions, or just to see if there's a quick known answer to some problem I'm thinking about. I am really, really looking forward to being able to do something similar with my real life.
I've organized my life around simplicity of schedule, so I think this will be even more useful for people who are constantly on the go and trying to remember what they need to do next and who they're doing it with and for. The stuff that various email apps do now with recognizing appointment language and offering to add things to your calendar, for example, seems a natural for applying to realtime life.
Having said that, "the one that got away" is a big part of the culture and being able to definitely identify everything (as least much as it is possible with the technology) would probably end up diminishing the experience and generally take the fun out of it.
I don't understand complaints about resolution/storage/etc. Those will only get better with time. So instead of objecting to the idea itself you're basically saying, "I'm going to start using this 18 months after people who think it's worthwhile now."
Folks who might like it:
1. Model rocket types (or remote-controlled planes, helicopters etc)
2. Perverts