With Powerset, the value was supposed to be in the technology, even if the demo was on Wikipedia. With other companies, say, Twitter, the power is in the size of their network and potential for something, even if the technology isn't groundbreaking.
I don't know what, if any, magic Qwiki has cooking but I think the OP is excessively harsh. My point was that a lot of startups have needed a big round to go to the next level from a limited proof of concept where there's nothing special on their public facing service. So what? Hopefully the vision and potential is evident under the hood and that's what the investment was predicated on.