The product is still in private beta, but you can get a good sense for what they’ll offer from the demo videos here. Use the map to find a location you are interested in and see historical events that occurred there visually. Set a date range and see just the events during those years.
You’ll also be able to add your own ancestors and genealogy information to the site, such as adding an ancestor that fought in a historical battle or other event.
If anything, it looks to be a cool way to access Wikipedia data, where much of the content seems to come from.
The company also says they are developing an iPhone application that will show you interesting historical events near where you are at any given time. That’s definitely a winner.