Okay, I just spent the minute and a half watching their promo video, and I still have no idea what the app does, other than that I think it somehow relates to collecting images. But that I mostly know because it said "Your digital scrapbook" in text at the end.
I also have no idea whatsoever why this would be worth $50 to me.
Forget app store price deflation. Whether in the shareware/boxed software days or now, there are only two kinds of software I'm going to spend $50+ on: Software that does something I actually need for business purposes for whatever it is I personally do to make money, or an absolute must-have program that is going to make my life drastically easier or be so much fun to use that there's no way I wouldn't buy it.
That's why I might have paid $50 for a new game I really wanted, and I'd gladly pay $100 for a major OS upgrade. Or an absolutely killer utility--something like iPhoto, for example, or maybe Delicious Library if you're a collector and really into your stuff. But you have to have one hell of a scrapbooking app to have convinced me to pay $50 for it 5 years ago. Today, the bar is even higher.
But, hey, if it's well done, I hope it succeeds--maybe it really is that much of a killer app for scrapbooking fiends. I wish them luck finding that fanatical user base. Seriously though, guys, you're not helping any with the video of trendy people in their hip urban homes doing... something with software.