It's unclear to me if this is real or the continuation of a publicity stunt from Obayashi (who has been getting press about their plans to build a space elevator for years). I'm as excited about the theoretical concept of a space elevator as anyone. But the problem remains that no one can produce a cable even close to strong enough. This article has a good description of the material science problem: http://www.space…
A space elevator seems like a much better concept for the Moon. If we could make a permanent Moon base with a space elevator, then it would be possible to use materials from the Moon to assemble things in orbit. Such a base would make it possible to start exploring the rest of the Solar system in earnest.
On the not-so-bright side, we'll have to develop new metallurgy and other industrial processes based on local chemistry.
Where would the counterweight have to be for one end to be in high Earth atmosphere, balancing atmospheric drag with lift and gravity? My math tells me the end would be traveling at a relatively tame 260 kph.