It looks like a meta Google alerts, but it's open source and hackable, which can be really handy. A documentation of how to write custom alerts would be useful, I guess.
Yeah, we thought about a demo. It was kind of hard to picture a way to demo it, given that you can't really see it in action. Any suggestions welcome.
Re: Google Alerts - you're right... to a certain extent. Here, you can mash up datasets, compile them, tweak them, THEN and only then compare them to parameters you set. Alerts++, then.
Also, you should host a demo somewhere.