This is a great idea and a fairly reasonable execution, but with some glaring problems. First, please dont be like Instagram. Wide screen and HD were invented for a reason. Dont crop or dumb down the resolution, please. You make a big deal about us remembering our daily lives, but I remember them being higher resolution. ;)
Second, please dont assume everyone has a Facebook account or that we want to login with it. And DEFINITELY dont incessantly ask us to login with Facebook EVERY TIME WE OPEN THE APP. I should tell the app ONCE that I dont want to login with Facebook and thats it.
These two things make using the app really frustrating. I look forward to future updates and to prove it, I will do the in-app purchase thing to get rid of the ads.