The Amazon app for iPad does this too. I haven't tried dresses but it did find my exact shower curtain (which has a pleasing fish pattern).
It's kind of neat in a Star Trek sort of way but I just can't see much of a need for it on the consumer level.
I could see the Nvidia idea applied to satellite images though if pattern recognition is really its thing. For example maybe it could identify all the Walnut trees in a satellite image or be able to tell sheep and cows apart in a sat image. Just don't see the average Joe snapping away at pretty girls to identify her shoes & all those magazines used in the example tell you exactly what the model is wearing and where to buy it anyway. Maybe the fashion mag was not a good exam