I think it's brilliant. Simple, elegant, clear. The argument that one actually has to read the icons is pretty dim, because the colours are very clearly defined and icon recognition basically begins with colour, then overall shape, then details of the shape, and then maybe text.
The only thing I'm not too fond of, is the use of small caps for software with two capitalised words (like After Effects or InDesign). They'd be better with just two caps.
