Maybe? Skimming the protocol there aspects of the spec I may not be understanding that superficially seem at odds with a storage container with fairly simple interfaces. Though the security aspects seem at about at the complexity they have to be. I'm probably missing the full aims of the protocol though.
In my opinion TBL has lost all credibility after the encrypted media extensions debacle. This pays lip service to privacy but given he has put corporate interests ahead of individuals before I would not trust it. I suspect it is some kind of poisoned chalice.