It was kind of neat, but also led to a lot of clicking around. It's one of those Holy Grail ideas people have been talking about forever, but I'm not convinced it's actually that superior given all of the ecosystem downsides there are to moving away from text.
I think you probably could do something better than text files, but it has to be a lot better to get over the chasm of losing all of your familiar editors, command line text utilities like grep, easy copy/paste, etc.
Text is a lowest common denominator medium. People get hung up on the "lowest" part, but the "common" part is pretty damn convenient.
