It’s about what you pictured and have seen in movies: all touch screen displays, various features that provide useless functionality (a business card that changes state as you flip it?), a lack of understanding what a button is, the device that “does-it-all”, and many other annoyances that would take a day to wrap your mind around.
There is just a huge problem with looking ahead and trying to be “first” when it comes to innovation. There needs to be immense R&D when creating the next big thing, not just two graphic designers watching a few Hollywood films and spitting it out to the public. If Microsoft had done a little research, they would know how hard it actually was to hold a business-card-thin device and make it change states with no lag. It’s the crazy ideas that are most well known, but sometimes because they are just crazy.
Update: A comment from “Sloppy Info“:
Admittedly this is just a speculative vision showing rough ideas for future interfaces. Microsoft doesn’t mean this literally. But the Health Tracker is a good example of the UI thinking throughout the video: tons and tons and tons of data, presented in varying shades of blue and gray. Lots of smooth futuristic feel, with very little design toward understanding.