Yeah, I've seen that too, and it was breathtaking. But it's a long ways from that to a full-fledged touchscreen interface for an entire operating system. Pinch zoom isn't even the half of it.
It's not just pinch zoom, though that and the keyboard that guesses where your finger is trying to type show how much of the interface is really just obvious to someone in the field once you have the basic technology (or alternatively that Apple is shamelessly ripping this guy off, either interpretation is suitable to my point). And it's not hard to go a long ways when you're not pretending to be a lone creative genius. His final paragraph:
So, multi-touch interaction research is a very active field right now in HCI. I'm not the only one doing it, there are a lot of other people getting into it. This kind of technology is going to let even more people get into it, and I'm really looking forward to interacting with all you guys over the next few days and seeing how it can apply to your respective fields. Thank you. (Applause)