A good friend of mine at Google is the technical lead of this project (he has a Phd Princeton, and was a professor before joining Google). I've tried it in person and it was truly amazing. They used some very fancy tech when I saw the demo, so I'm thrilled it is finally being announced and possibly shared with a larger audience. Explanation of why it is amazing: It totally fools your perception. No glasses or goggles…
Do you think it's possible 90% of this is due to the studio quality lighting, large high quality screen, good mic/speakers, and low latency network? It seems like those factors alone would get most of the way there and the 3D aspect is just a bonus. Obviously I haven't used it in person but this was just a thought since most people are used to video calls on their small phone/laptop with poor lighting, mics, etc
Even from viewing the short demo, the stereo display alone is an entirely new dimension that no amount of studio lighting will recreate. While better lighting and audio setup would certainly improve the average person's videoconferencing experience, this looks to be a genuine step beyond.
That said, we've been seeing holographic-display prototypes for the better part of a decade, and it'll be interesting if this actually pans out or fizzles.