Hmm. I was wiling to reserve my judgement, but they've launched something similar to Color without learning from Color's mistakes. Admittedly, I'm not at SXSW, but when I open the app, I'm greeted with a nice blank screen. No content, and no way to find content because nobody I know is using the app. Everything I can do on Albumatic is predicated on having friends already using it.
I'm aware that new social networks have less users, but you need to find a way to onboard new users without relying on those users having friends already using the platform. Promoting featured users, for example, or having some kind of public "Explore" page front and centre. Vine got this right by showing new users an "Editor's Picks" stream by default. I'm not quite sure whether Albumatic even allows public sharing of photographs, because there's so little to go on.
The app itself is beautiful and polished, but if you're relying on network effects, onboarding is more important than anything else. If there's pickup, this could be awesome, but I'm pretty worried most new users will have the same experience I just did.
For what it's worth, a french startup has been working on this exact concept for a while now: http://sharypic.com (I did their design, the iPhone app in particular is very nice, if I may say so :)