After two complete rewrites following my initial experiments, the other gloobus developers (badchoice and kitkat) have continued to work on integrating this coverflow view into nautilus.
The implementation of the coverflow widget this time is a little more sane. It is passed a GtkTreeModel of GFiles, and basically does everything in isolation. The coupling to nautilus is quite loose, so the idea is that the widget can be reused easily by others.
The code is available from the linked blog post, or from github.

Looks cool! what coverflow uses for rendering? opengl?
Awesome, any idea if it will make it in to the next version of gnome?
@Peter: It uses clutter
@Vitaly: It will not be in the next version. Beyond that, I guess that is up to the maintainers, however this version has been designed to be nicely isolated from Nautilus. We have some more bugs to remove but then we plan to submit this for review/discussion in a few weeks.
I dont like coverflow : i don’t find it practical at all
see http://web.archive.org/web/20061205054258/http://cooper.com/articles/art_myth_of_metaphor.htm
That’s cool, but I could see that as a more immersive experience. Shed the Nautilus window, treat the images more as objects to be manipulated. Think of an imaginative way to do things within the clutter window that eliminates the list below. Think of using that with a large touch-screen - how would you interact with the objects you see? Would the list below be useful? Should it be useful? Or should it go away and be accessible like a context menu, if absolutely necessary? Something to think about.
@adminZ: One thing at a time… see grape http://tayasui.com/Grape.html for inspiration
Are there any plans to publish this as a separate widget which when given a GtkTreeModel will display it. Something like a GtkIconView?
@Debarshi: Yes that is the plan, and it is implemented to make this possible (with one annoying exception. Please see the code