Some more reactions and comments from blogs about the event.
Scott aronson has his comments and quotes Lawrence Ip who was at the live event
Dave Bacon the quantum pontiff has collected some links and comments no the news
As noted by the Lawrence Ip summary, the goal and plan that Geordi Rose described is to use quick and dirty short cuts to get this to work and then to refine the qubits later. They hope to get a quadratic speedup for some classes of problems.
Here is some wikipedia information on the Ising model that Dwave has implemented a 2 solver for Ising models.