"Dropbox synchronizes files across your/your team's computers. It's much better than uploading or email, because it's automatic, integrated into Windows, and fits into the way you already work. There's also a web interface, and the files are securely backed up to Amazon S3. Dropbox is kind of like taking the best elements of subversion, trac and rsync and making them "just work" for the average individual or team. Hackers have access to these tools, but normal people don't."
That is probably the most amazingly succinct and interesting elevator pitch I have read/heard. It clearly defines the product, the problem it solves, and provides metaphors for better understanding.
And since he was pitching to PG - then it was completely appropriate. Your elevator pitch can change based on who you are talking to.
case in point, the pitch to his sister is/was: "You'll be able to keep track of all your high school term papers, and you wont need to burn CDs or carry USB sticks anymore."
That is probably the most amazingly succinct and interesting elevator pitch I have read/heard. It clearly defines the product, the problem it solves, and provides metaphors for better understanding.