Well I hoped for a html5 (open source) solution since years, but they will have A LOT of work to do if the want just to be at least comparable with gimp, not to say with photoshop.
I mean, the guys of gimp are working since years to improve their program and it still has serious performance issues in some cases and still lack a lot of functionalities of phothoshop.
Great start! I've been waiting for something like this for a long time. Almost all online photo editors run in flash or don't have good PSD support. They are almost all geared towards users who want to do photo touch ups.
This is definitely lacking in features but has a lot of potential and gladly pay for it to see it developed more.