Another Non Starter from the Headless Turkeys of home automation.
My roommate has a Nest thermostat. While it is an example of clean industrial design, it's clear they are lacking any real vision for how their products actually operate. My room mates turned on a feature where the power company can dump the AC to reduce load on the grid during power alerts. I caught it turning ON the AC when it wasn't needed, and running up the electric bill when we weren't home.
The IP camera market is ripe for invasion, and at first glance their hardware team has hit the basics pretty well. They throw it all away at the starting line by delivering a product that only suits THEIR needs, not the users. While the prospect of monthly user fees may be attractive to them and their bottom line, their implementation fails to meet the most trivial requirements of a video security system.
As other posters have pointed out their offering lacks support for local storage, so if your internet connection is down, it fails. If the power goes down, it fails. If their cloud storage is unavailable, it fails.
Adding a local storage hub would allow the system to provide weeks or months of footage from multiple cameras, without resorting to mickey mouse "record on motion" nonsense. As someone who has had to wrangle a few security DVRs, these schemes always leave the owner in a hole. The disjointed clips may indicate when someone showed up, but when the owner tries to figure out where they came from, or what they did, they find that it's not in the clip. You need to record everything the camera sees for at least a few days, and just use motion/face triggers as a time stamp to look at. And great, even if they are using Google's cloud powered video face recognition, what happens when one of your neighbors pets takes to "scent marking" your doorstep? Too bad, the cameras were looking for people and didn't save the footage.
It's a shame, because with their existing app and infrastructure you could have a really clean system that automatically shut down your interior cameras when you get home, let you check on things from offsite, and archived your footage in case someone breaks in and steals the on site hardware. (Bonus points for a "find my Nest Cam" feature if someone re-activates a stolen camera.
Nest built it's reputation on building not just a connected home, but one that was integrated, intelligent, and sleek. It's proven itself to be a one hit wonder. Their management has been running around like a headless turkey doing a bad impression of M.S. from the Office.