Ocean: New alternative energy source idea

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If everybody in alternative energy field focused on this plan (power via buoys), I'm sure it will succeed:

www.oceanpowertechnologies.com

I saw these people on "Discoveries this Week" on the Science Channel.

They have the best alternative energy program by far.
What's going on here? It doesn't seem like it would work well at all. I remember popular science said something about how little power it produced. Reminds me of a Carnot engine. http://en.wikipedia.org/wiki/Carnot_cycle

Is this a good idea, or should I stick with nuclear fusion reactors?
 
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Nuclear fusion, pfff, that'll never produce the power that calm ocean waves can produce!

But seriously, I am highly skepitical... the website left much to the imagination.