It has several bad properties too. The algorithm they outline is exponential.
The challenge to make it run in cubic time will certainly turn it into a GLR or an Earley parser. (They can be formed from each other)
To me: it is just another way of looking at Dotted LR-Items used within earley parser. Earley parsers keep a state made up of grammar rules with a dot indicating where in the rule the parser is at.
(I wrote an earley recognizer that uses a derivative style interface to grammar rules.)
It has novelty, and some utility but it is not the holy grail you are looking for.
It has several nice properties, including being composable and incremental. And it supports modifying the grammar on the fly.