OK, I know that is only a prototype, but really guys, he specifically said it wasn't worth doing tool ID. When I work on something my toolbox tends to accumulate nuts and bolts and odds and ends, and isn't always deployed in a well lighted place. In fact it has been deployed in the rain at night. A simple light sensor is just not gonna cut it, at least in my real world.
A tool box that actually identified and inventoried my tools without carefully placing them in space wasting foam cutouts would indeed be useful, and would probably even be worth $1 per tool to me, but I have not seen any system that could tag tools with a tag that wouldn't just get smashed off when using the tool in a tight space.
This could be useful for a specific tool kit, say a fusion splicer kit or network analyzer kit, where it does make sense to have neat foam cutout for all your pricey little cleavers and media converters and whatnot, but those are definitely pricey enough, and used carefully enough, to justify RFID tagging.
All in all, yes, I think this is a problem that could use a solution, I just don't think this is a valid solution for a general purpose toolbox, and for the special purpose toolkits the problem is largely solved by a simple visual check for empty foam cutouts before you close it up.
The truth of the matter is that probably most of that $35,000 of "lost" tools just went home with someone, either accidentally, or to beef up their own tool collection.