I haven't read too much about it... just a quick skim through their promo video. But from what I saw, Bubbles looks like an obnoxious take on code folding. I predict it won't find much use beyond a niche of amateur programmers. People have tried visual programming before with moderate success bordering on epic failure, probably because programmers are a rare breed who don't like breaking their concentration, relying on the mouse just to see the next function.
-Tim