My observations so far (my 0.00000002BTC):
Interesting idea. Cagey practices. Seems like a total gamble (and the house always wins).
Looking at the git repo, not much action yet for something that's 'working fine'. I'm also wildly guessing that Lannister is currently running 's/NovaCoin/ElasticCoin/g' on the elasticd repo.
The video states "elastic is currently in an advanced beta stage". How is that possible with no code, no wallet, and devs barely starting to work on the project?
On the bright side two people possessing higher than average intelligence are at least somewhat involved in the project.
To gamble or not to gamble. That is the question.