The announcement can be found here. You send your CD's or DVD's to them, and they do the processing and make it available to you on the web.
However, I have described this idea, and the architecture for my system a while back. See here. All elements are the same, including the team behind the scene :). Still, it remains to be seen if the time for my idea is still to come. The difference? My system is totally open-standards, and based on open-source components. (For techies, Linux for OS, Lucene for search, JavaSpaces for grid computing, and IBM's UIMA for concept search). You can build the whole thing on Amazon EC2 cloud with just a credit card. See this post as a predecessor.
The domain for my system, eddontheweb.com, is still waiting.