PacBio SMRT Sequencing???

Today, some Mr. Lee Chee How (Singaporean? I guess, from the way he speaks) from a company called Pacific BioSciences discussed "SMRT Sequencing".

Basically, the reads (> 1000 bp ) outputted are very long compared to those of Illumina Sequencing. 
As far as I can recall, that's not optimal - or that changes with this technology?

Well, on the non-technical side, I was quite amazed on the graphics he has in the slides. He even showed to us a video of what happens in the tiniest parts of the sequencing machine.

Anyway, though I have lots of terms that I did not understand, this seems interesting to me. He showed a lot of comparisons stating that this sequencing method is more accurate and there are many journal papers attesting to that.