Good in principle, however being someone who has used one personally, I wasn't that impressed. That being said, I'd have confidence in Apple taking that sort of a concept and making it better. However, in this case, "better" may involve incorporating one of Apple's favorite design philosophies - "simpler". In other words, Apple wouldn't make something as complex as that - they may improve on it, make it simpler, more minimal and so forth. Components rotating, flipping around etc. is somewhat un-Apple-like.

(And yes, I realize the iPhone/Touch has rotational features built in, however this is with respect to the device itself, not pieces and parts of it.)