I've toyed with something similar though not this implementation. I like the concept but it still feels odd to me. I haven't had an application that needed a time picker yet, but when I do this is a very good candidate.
That being said, it doesn't feel natural to me. Sure it's intuitive, but I still feel a little awkward when using it. Does anyone else feel this way?
I don't find it intuitive at all. And the 24-hour-mode almost scares me; how can someone doing innovative work on time fail to grasp 24-hour time so thoroughly?
I think I would prefer if it was vertical and the initial selections were made with horizontal movements.