I dont think this is going to catch on any time soon, though it MIGHT have a use with quantum PC's. near as i can tell whatever file you save say a 500mb file would generate...at lest one gig of metadata you would have to store to find the stored file again...not to mention the time it takes to do that crunching..because it has to find a section of pi that holds that exact sequence, meaning any time you want to save or hell read a file...it has to crunch back to that point. That aside the theory itself appears to be potentially sound, and is an interesting approach, just not a practical one.
