Even if it is drawing content from Wikipedia, as Michael suggests, the fact that the company is also developing an iPhone application highlights the fact that change it taking place under our very noses in a pretty significant way! The critical point is the way that information literacy needs to be tackled is becoming more and more urgent with the immersiveness of digital sources of information.
It seams the product is still in private beta, but the idea is that you will use the map to find a location you are interested in and see historical events that occurred there visually. Even set a date range and see just the events during those years. For more information, check out the demo videos here.