It's a pretty good peer to peer file sharing application with a clean interface. The "Tubes" metaphor, meanwhile, refers to shared folders which can include photos, audio, video clips and links. Invite users to a Tube and they'll automatically receive any new files that are added - invited authors can also add their own files.
The company has made some suggestions about how you could utilize the product: a band sharing music with its fans, sharing the latest version of a group assignment and sharing photos and videos as you would on Webshots, Photobucket, YouTube and (increasingly) MySpace Video. Tubes also works when any person in the group is offline: it syncs when you reconnect. That said, it's not really clear how they'll differentiate themselves from FolderShare, or the scores of startups that are entering this space, not to mention the greater convenience and viral growth of web-based media sharing sites.
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See? It's not a big truck