"... it understands and then computes answers to certain kinds of questions."
If what they claim is true, Wolfram Alpha may be the first usable technology that "understands" and that therefore I could accept as being an intelligent system.
This is not just a knowledge base. What Wolfram does is (to try to) understand a question in order to compute an (hopefully) accurate response based on knowledge available in built-in models.
The system is based on models meaning that it will be limited by the actual power of these models. Also it is designed to answer questions for which there is a consensus and factual answer.
It will not be able to give opinions about which social network is the best but it might be able to give a comparative GDP graph of 3 countries over a set period of time, much like an intelligent report generator could do.
The system is not a search engine although it might be able to provide sources related to its answers, in which case this would make it a very valuable tool.
I can't wait to be able to try it.
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