The idea of it is great, and I've enjoyed experimenting with it on a theme I purchased. However, this plugin really requires a theme that is meant for it, and the themes are limited right now. So, using this plugin with a Genesis theme, for example, doesn't work at all (and I'm a heavy Genesis user). There is a conflict that makes it fall apart. Using it with other themes allows it to work, but you are left with story elements that mainly look like large photos and insets that you could achieve otherwise, with native WordPress abilities.
The documentation is a bit sparse, considering the learning curve this plugin requires as far as understanding how to set up the story elements (e.g. parallax). I think it has promise (and I believe there are some upcoming updates and improvements that may change this review), but right now you are limited based on themes built especially for this plugin.
I'm leaning towards other methods of telling stories that don't require this plugin or a limited selection of available themes.