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…
The big commercial need it turns out isn't so much realism as it is flexibility to accommodate people dialing in from different systems - phones, laptops, different types of telepresence setups from small single room to big conference rooms or even telephone connections etc.
Many years ago, we were all wowed by the life-size realism and had people come into offices for it . Nowadays these meetings have lots of people crammed in across multiple screens dialing in as they please and all the better for everyone :-)