Very much agree. I would call it a gridded paper canvas / sketch book rather then spreadsheet. The metaphor is one of a generic data presentation context / place holder rather than 2d relational modeling medium, a compute data context such as a spreadsheet. Sure you can draw pixel art in excel but it is an abuse of the potential of the medium rather then the primary reason for it. You can do the same in MS Paint for instance but not the other way around.
Moreover my reaction to criticism by pg on your comment is that while the demo video is indeed neat, it is also a bit contrived. I would rather shoot myself than go through all these steps to make plan for a simple camping trip. I cannot also imagine doing any serious data work on it. It is not about being negative to the idea of potentially a useful implementation of spreadsheets in tablets, but when a particular design is presented you cannot not have a critical debate for the sole reason of demotivating innovation. It is exactly the other way around, criticism is the only way you may get an agro objectivish feedback for what may or not work in a design and seek to improve.
http://en.wikipedia.org/wiki/Numerical_cognition