I think that as this technology progresses, it will yield some very interesting and impressive results, when it finally hits a more useful format than the extremely limited one it represents now.
I wouldn't pay $500 for that awkward shaped device in which the only real purpose is to shoot for social media and the likes. Just hope they don't promote it as such a thing, else it might burn out real quick.
Constant f2 is awesome, but obviously you're limited to how much you can mess with the depth of field. How does it do in low light I wonder?
Meh. For $700 I'll take an Sony NEX 5N with the 18-55mm lens. Heck, I'd take the Sony over most DSLR's for that matter.
The Lytro is a nice toy, but that's all it is right now IMHO. The technology is very cool, but for the price(s), just doesn't seem very practical to me.
Doug