It's actually an interesting concept. Honepots are nothing new, but having the "monkey" aspect (simulating web users) allows them to go after malware targetted at standard desktop users, rather than traditional honeypots which are mostly good for finding server 'sploits.
The hard part would seem to be having the right kind of data being collected on the monkey machines so that something useful can be done once it's compromised. It'll be neat to see if this really helps them stamp out bugs in IE7 and Windows Vestiges.