I mean I don't think anybody will associate the word "squirt" with reading anytime soon. I also thought "Squirt" was a weird word to use.. They should have gone with "Squint" instead. This turned up in my Facebook stream and somebody found out they hid some tracking code as well as an unencrypted HTTP call inside their bookmarklet.
What I noticed using this to read a couple Ars Technica articles was it worked really well for short words. But, if a longer complicated word appeared, at say wpm, I would miss it. It seems like an adaptive algorithm based on word length would improve the speed even more allowing it to go faster on short common words and slow down on longer unusual words. Also, there is bug that sometimes causes two words to appear at once. Sometimes they are overlapping vertically which is basically impossible to read. Hey timtadh! Words that are less than 4 characters long are actually harder to recognize due to their having more visual analogues than longer words, and words over 7 characters are start looking "long" more than any other shape characteristic.