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If you didn't watch the office hours I would recommend watching that first as it provides a ton more context to this video.
'Oh, so you dont suck, thats a great feature to have'

I love that quote.

Is PG wearing two collared shirts at the same time?

/offtopic

Funny. It was so patently obvious that PG was holding back on a couple of the startups today. One was positioning itself as "Google Maps but better." PG recommended the company focus on something Google wasn't doing well, so that "...at least then [they'd] be hanging on the cliff by a finger, rather than in free fall."