Yeah, that still fits in well with the vibe I was getting from the video. He even says right there that until they do a bunch more work it's only going to be good for static geometry (the artists at my work were getting excited about "blasting away the atoms," which I had to shoot them down on.)
I still don't get any feeling that this is "bullshit." It sounds like it works. Of course it's hyped-up, and of course people assume it can do things that it can't - that's how our industry operates. Just look at the Wii! But if we push extra-shiny geometry on to one CPU core, just think how many more polys we can push on the GPU for characters!
And man, if he was coding this without any thought as for cache, (a) sure, it'll suck on a console, but (b) maybe that stutter can be fixed by making it play nice with cache!