I don't understand why the choice of colorspace used to represent the person's face matters. The lighting used when the photo was taken can alter the apparent skin tone, possibly to another natural looking skin tone.
Saw this a while ago and it's a cool thought experiment. The application fails, though, as some HNers have pointed out. It looks like Time covers have simply become darker, independent of the skin tones on each cover.
Someone points out the lack of "image normalization" in his dataset. I'm surprised he didn't take this first step, but this looks like more of a weekend/toy project than something extremely rigorous.
Lighting conditions make this impractical. I clicked on several of the darker brown colors and they all had white people of European origin. In fact, after clicking a while on dark brown I could only find white people!
I clicked for a while longer, still only european looking or caucasian people. The only candidate I clicked on that actually was naturally brown was the picture of a chocolate (september 12th 2012). I'm going to stop clicking now, this site is a waste of my time as the underlying technique is proven to be a fiasco.