Old, and heavily overrated. It throws away a lot of pictures (where it isn't sure where to place them), needs *massive* overlaps and quite some computation. It will never work with holiday photography, but you need a pro taking the photos or use some archive such as flickr.
Granted, for such a set of photographs it is impressive, but the claims of turning this quickly into an end user product are marketing blah-blah.
The actual research was probably done at the University of Washington, http://phototour.cs.washington.edu/