Pretty awesome and powerful idea. Kinda felt the same way...like I have no idea where to begin. Can't wait to put a little time into playing with it and seeing what happens!
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It's a great concept. Basically a "task" uses the data from one of your social network profiles, or some other feed to trigger an action e.g. every time a photo is tagged with your name on Facebook, that photo is downloaded via Dropbox (the most succesful "recipe" published by an ifttt user). Pretty hard to explain, but it just works.
The missing ingredient from web2.0 and social media. make the social internet work for you.
With so many social media out there, like social networks, social bookmarking etc. one always felt the need for something to link all of the social networks together.
Insanely brilliantly useful. Imagine all those annoying nags to auto-share your activity on sites but actually turned into a fully functional service where you are in control. Put the internet to work for you is exactly what this does, whether autosaving a liked GReader post to Evernote and Pinboard, or simply tweeting a beloved scrobble. (And yes, I'd like there to be a Hunch channel there asap!)