Metaweb, not Betterweb?

Is it just me, or does this sound like a horribly retrograde move?

A new company founded by a longtime technologist is setting out to create a vast public database intended to be read by computers rather than people, paving the way for a more automated Internet in which machines will routinely share information.

The company, Metaweb Technologies, is led by Danny Hillis, whose background includes a stint at Walt Disney Imagineering and who has long championed the idea of intelligent machines.

...

The idea of a centralized database storing all of the world’s digital information is a fundamental shift away from today’s World Wide Web, which is akin to a library of linked digital documents stored separately on millions of computers where search engines serve as the equivalent of a card catalog.

A single database for all the world's digital information? Since when did massive, centralised, single point-of-failure systems come back into vogue? Google's holdings are bad enough.

Thanks, but no thanks.

Update: To be fair, it seems to be adopting a sensible licensing policy, so maybe there's hope yet:

We want to make it possible for you to add high quality structured information to your websites, mashups and applications without worrying about restrictive corporate licenses. All data is licensed Creative Commons Attribution. We only ask that you link back to us.

In addition, Tim O'Reilly has a more upbeat (perhaps because better-informed) assessment here. I can see a little better what they're trying to do, but I'm still not convinced by the centralised nature of it. Opinions?