The more I think about this, I'm just amazed. It's such a simple concept, but it is genius. Before this there was the notion of using the Sun, however, for that to work the satellite would have to be 550 AU away and with our current tech, it would take 100 years to reach that distance. So, that's not feasible. However, by using Earth it is entirely in the realm of possibilities. We could get large Earth size images of planets out to 100 light years. We could actually make out topographical features of planets not even in our solar system.
This is actually mind boggling if it works. We would learn so much, so fast.