So you basically text the details of your transaction to a central service (which you signed up for) and they proceed to send out that transaction for you? So they're essentially offering a wallet service you could control by SMS? I'd say it's not exactly groundbreaking innovation, but assuming security concerns are addressed, this might actually help drive adoption, especially in impoverished countries. I know I'd love to try it out.
Good that they're working on making it more accessible to people, still have to go through the annoying 2-3 hours transaction speed though -.-
Where did you get this figure? Are you referring to the SMS service or the Bitcoin network in general?