Without a doubt. Interesting idea and nice looking UI. But like you said it's creating a browser within a browser, without all the native browser support.

I found the navigation to be scattered and disorienting. In general clicking links opens new windows. In one case it navigated away from the current "page" and what I believe to be the back button (looks more like undo) didn't do anything. Why am I guessing what constitutes a page and how or if I can go back? Everyone has known how these things work in browsers for decades.