The end of photography as we know it? I don't think so. Just the beginning of more bad photos.
PC Photo had a similar article like this. I read it today. In the 1980s, SLR was the king. In the 1990's, here came compact cameras. People had thought that the SLR as a platform was in fact, going to die. Some thought that accesories such as tripods, bellows, interchangable lenses, and so forth had met their end. Then, here comes digital. This definitely would be the nail in SLR's coffin... But now, in 2008, look how the tables have turned. DSLR is alive and kicking. Will it win out yet again? I think so. Why?
Post processing isn't the general public's cup of tea, and post processing will have to be involved in this technology significantly for an end result. I don't think there's a camera company that wants to change the way you take photos, and definitely not for the general public. But maybe, a video company wants to change what you do with a video camera. If anything, I think this technology would not be used in *ordinary* photography because most people want the simplest route between two points, a straight line. But news teams, and other video productions would probably benefit from it, since they would be inclined to post process. But the post processing could be so tedious that it might not even be worth the hassle.
Also, I don't think photography as we know it would die because that would mean flash photography would die. And I don't want continuous lighting the way video has it. For portrait photography, it simply wouldn't make sense to set it at 60 frames, leave the thing rolling and afterward, cherry pick a few nice shots. How would you pose a person? How long would they have to hold a pose? Video captures for a portrait can't work.
For sports photography, possibly it could work. But if say, Mr or Mrs Pro Shooter just let the thing roll for 2 to 3 hours, they'd still have to cherry pick through THOUSANDS of photos.