So this piece of software tries solving the problem by looking at the visual aspects of the photos.
The demo during the keynote featured a computer with 85,000 unlabeled, unorganized photos. The goal was to find a picture of Intel's Justin Rattner from his first IDF keynote speech back in the Spring. The search was done, not by searching for labels or file names but by what Justin Rattner looked like in the picture.More details and photos at AnandTech
For example, a face recognition filter was run to find all pictures that looked like they were of a person. Obviously sometimes you end up seeing faces where none exist (e.g. in the clouds), so the accuracy of the filter isn't all that great.