I really do hope these guys are able to accomplish their goal, but I remain skeptical. We've seen efforts from folks like Google and MIT down to small companies trying to solve this "problem", when it seems to me that the underlying reality is simply that software is hard. Layer abstractions over it if you must, but at the end of the day those will only get the layperson over the hump of trivial problems, leaving one disillusioned when the tool is unable to realize loftier goals.
I agree, there is a considerable risk they have traded in a less interesting problem they could solve very well (IDE), for more interesting challenge that they will end up not getting to market with (programming tools for "the rest of us"). I think this is the nature of VC investment, though. The money is there to chase risky things.
